The Celebrity: Toni Braxton
When She Faced Foreclosure: November 2012
Why It Happened: The R&B singer has faced a variety of financial issues over the past decade, including one involving her home. In 2004, she took out a $1.5 million loan to purchase a house in Georgia. But between 2004 and 2010, she missed at least 10 monthly payments on the loan, so the bank foreclosed on it. She attempted to avoid foreclosure by filing for Chapter 7 bankruptcy in 2010. But the bank took the home anyway and put it on the market for well below what she paid for it.