Ace Frehley may have to KISS his Home Goodbye as it's Filed for Foreclosure

KISS band original lead guitarist, Ace Frehley, may have to "kiss" his home goodbye as Chase bank bank filed for foreclosure on Frehley's home in Yorktown, New York. The 61-year-old rocker failed to make his mortgage payments for the past two years, the Journal News reported, and owes more than $700,000 on his $735,000 three-bedroom, three-bathroom home.

Purchased back in 2006 by Ace, whose birth name is Paul, the 2,441 square foot, 3-acre property has now been filed for foreclosure by Chase, the mortgage issuer, as of February 15, according to NY Daily News reports. He reportedly borrowed money to purchase the house located at 1347 Spring Valley Road years ago.

The musician's financial woes worsen as the rocker, once known as "Spaceman, additionally owes nearly $20,000 in back property taxes which includes a "2011 lien of $5,131.61 for town and county taxes, as well as $13,425.94 for unpaid 2012 county, school and town taxes,"according to Journal News reports.

Frehley apparently stopped paying the mortgage on the home as of March 1, 2011, just a few years after he took over the title to the Yorktown home. As explained by Business Insider, many "underwater" homeowners -- those who owe more on their homes than they are actually worth -- choose to cut their losses, stop making mortgage payments and simply wait for their mortgage lender to foreclose.

It seems like this was Frehley's plan, and if he can't come up with the cash, chances are the bank will wind up selling the home at an auction.

"Space Ace" played guitar for KISS throughout the 70s and rejoined the band on tour in the late 90s for a highly succesfful reunion tour. Guitar World magazine ranked him 14th Greatest Metal Guitarist of All Time. While he's been out of KISS for several years, Frehley has been shredding most recently at a the "Rock n' Roll Fantasy Camp" in Las Vegas.

If the guitarist "Spaceman" doesn't strum up some money quickly to keep his home, he'll be forced to "rock and roll all night" elsewhere.