'Bankrupt' Kerry Katona may lose her home
30 Nov 2008, 1337 Hrs

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London, Nov 30 Financially broke Kerry Katona may go homeless if she fails to repay her 1 million pounds mortgage.

While, on the other hand, hubby Mark Croft is splashing out money in luxuries and has bought a Mini Cooper worth 20,000 pounds.

Kerry, who is currently seen in the Iceland TV ads during 'I'm A Celebrity', is struggling to repay her 1 million pounds mortgage and has told pals that she may lose her home.

But car-crazy Croft, who handles his wife's finances, has fitted the small car with sporty extras so he could go rallying.

Meanwhile, it' now been found that if bankrupt alcoholic Kerry fails to pay her 5,000 pounds per month mortgage repayments, she could be kicked out of her house.

"Kerry doesn't know how on earth she is going to pay the bills. Two years ago she was raking in 2 million pounds a year-but now she is barely earning a penny," News Of The World quoted a pal as saying.

The pal added: "If she doesn't make the mortgage payments she will lose the house, it's as simple as that. At the moment she's keeping afloat and even continuing to pay Mark wages for looking after her finances and being her chauffeur.

"But instead of keeping it safe for their future he is just blowing it. He is like a kid, why would you buy yourself a Mini when your wife is in financial meltdown? She has already been declared bankrupt and now they could lose the roof from over their heads."

Kerry was declared bankrupt in August over an unpaid tax bill.

She bought the five-bedroom house at Wilmslow, Cheshire, in her name two years ago for 1,225,000 pounds, and experts have now claimed that in the next one year, its sale price could dive so far it would leave her owing 5,000 pounds just to pay off the mortgage.

However, 38-year-old Mark is paying no heed to the crisis and is still seems intent on spending.

The source said: "It seems stupid to be splashing out on luxuries when your wife is in utter chaos.

She has barely any savings left and once they're gone she won't be able to pay the mortgage.

"She has stripped off for a mag just to make some cash. But she can only do that a couple of times and the money won't be enough to stop her from sinking."(ANI)