Next week was the deadline for Michael Jackson to pay up on what he owed on his Neverland Ranch. Jackson owed close to $25 million in payments on his Neverland Ranch, and it was beginning to look bleak. Now, though, the famous — or rather infamous — celebrity, has announced that he is saving the Ranch.

The BBC reports on the deal that allows Michael Jackson to save Neverland Ranch from foreclosure:

L Londell McMillan said the singer had now worked out a “confidential” agreement with an investment group which meant he would keep the property.

“Neverland and MJ are fine,” Mr McMillan said.

The deal had been struck with the Fortress Investment Group, he added.

Being able to refinance is one way that you can avoid foreclosure. Many of us have to get refinancing through our banks, though. Most of us wouldn’t be able to get funding from an investment group. Other options for the rest of us include:

1. Renting the home out to someone else in order to have them make the mortgage payments. Of course, that means that you will have to find somewhere else to live.
2. Talk to your lender about other options, such as modifying the loan terms (as under Project Lifeline), short sales, or other programs.

Many people wondered how Michael Jackson would avoid foreclosure. He managed it. And while you won’t be able to do it so dramatically, it is possible for you to avoid foreclosure as well.

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avoid foreclosure, Project Lifeline

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