The impending foreclosure of the vacation home of New Orleans mayor Ray Nagin is proof that the rich and the famous are not recession-proof. The foreclosure however stems from a matter other than non-payment of mortgage. Nagin seems to have been remiss in the payment of his association dues forcing his homeowners association to file a notice of lien with the country court resulting to the scheduled foreclosure sale of his vacation home on April 7.

A spokesman for Nagin however said this was a personal matter which would be resolved shortly. The about-to-be foreclosed 1,700-square foot vacation home in the wealthy Frisco, Texas area was bought by Nagin and his wife Seletha Smith-Nagin in 2007. The couple took a $156,490 mortgage on the two-bedroom home worth $173,500 but which was valued by the country assessors at $182,000.

Nagin earlier referred to the 2005-built condominium as a second hurricane home and a modest townhome.