In tough economic times, both the wealthy and everyday people can encounter financial problems. Recently, news broke that movie star Burt Reynolds may lose his waterfront home in a foreclosure lawsuit, which alleges the actor hasn't made a mortgage payment since September 2010. An unnamed source told ABCNews.com that Reynolds could end up filing for bankruptcy to stop the foreclosure.

In 1994, the star and his then-wife, Lonnie Anderson, took a 25-year, $1.5 million mortgage on the four-acre, Mediterranean style estate. The 12,500-square-foot home is currently valued at $2.4 million, according to Martin County Appraiser's Office. The property has a private beach, boat dock, swimming pool, screening room and hair salon. Reynolds listed the estate for sale for $8.9 million in 2009, but there were no offers.

The foreclosure suit, filed by Merrill Lynch Credit Corp., has asked the court to order a sale of the house to pay Reynolds' debts. According to the suit, the celebrity owes $1.2 million to Merrill Lynch and $750,000 on a second mortgage to BankAtlantic. An unnamed source has said that Reynolds owes "millions of dollars" to other creditors.

At the height of his popularity in the 1970s and '80s, Burt Reynolds was the leading box office draw for five consecutive years. His hits from the era included "Smokey and the Bandit" and "Cannonball Run." During the 1990s, he won an Emmy Award for his work on the sitcom "Evening Shade" and an Oscar nomination for his role as an adult movie director in "Boogie Nights." The 75-year-old star is currently filming a movie in Toronto with country star Leann Rimes, who plays his daughter.

In a statement to ABCNews.com about the foreclosure, Reynolds said he would do "like I've always done, keep my head up high and continue to move on down the road."

Sources: ABC News, "Burt Reynolds On His Money Woes," Luchina Fisher, Aug. 18, 2011

SunSentinel.com, "Burt Reynolds Hobe Sound home target of foreclosure lawsuit," Melissa Holsman, Aug. 16, 2011