Los Angeles California Tax Attorney Blog

Michael Jackson Behind on Mortgage Payments

Los Angeles Tax Attorney- Los Angeles County Public documents shows Los Angeles based superstar Michael Jackson has failed to make mortgage payments on a Los Angeles home that he has used for many years. Documents do not show whether he is behind in his tax payments.

Foreclosure documents filed with the Los Angeles County Recorder's Office by his mortgage lender indicate Michael Jackson has been delinquent with his home mortgage payments over the last several months. Michael Jackson's Los Angeles home is located in Encino, an area in the San Fernando Valley of Los Angeles County.

According to Los Angeles Times,the singer had $153,910 in missed payments as of January17 on a $4 million loan serviced by Pasadena, California home mortgage lender IndyMac Bancorp. Los Angeles county documents dated Feb. 7, 2008, show the home mortgage notice of default was withdrawn. A spokeswoman for Jackson or his attorney did not immediately return a call for comment.

If Jackson or anyone in Los Angeles facing foreclosure wants to immediately stop the foreclosure process, they'll need to negotiate a forebearance agreement on the loan or file Chapter 13 or Chapter 11 bankruptcy. Due to the high secured loan balance, Michael Jackson would not qualify for Chapter 13. A reorganization under Chapter 11 would be the most likely legal tool to stave off foreclosure sale of his home in the event the the mortgage lender re-initiates the foreclosure process.

If you are facing home foreclosure in Los Angeles and wish to discussed with an attorney who has helped save hundreds of homeowners from losing their home, call 310 234 5680.

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As the housing market and the mortgage businesses continue to crumble, even the once wealthy mortgage lenders are facing tax problems. Los Angeles Tax Problems for Mortgage Brokers With the wave of recent foreclosure filings and bankruptcy filings in Los Angeles, Long Beach, Pasadena, Torrance and other areas of Los Angeles County, home prices may continue to deteriorate.

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Posted In: BANKRUPTCY , TAX PROBLEMS

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Los Angles Bankruptcy Attorney - As Los Angles area bankruptcy and foreclosures sky rocket, the Bush administration and Congress are considering new proposals for the government to rescue hundreds of thousands of homeowners whose mortgages are higher than the value of their houses.

Los Angles Bankruptcy Attorneys have noticed many high income neighborhoods in the Los Angeles are facing negative equity position in their homes.

Not since the Depression has a larger share of Americans owed more on their homes than they are worth. With the collapse of the housing boom, nearly 8.8 million homeowners, or 10.3 percent of the total, may lose their homes.

Bush Administration officials say they still oppose any taxpayer bailout for either people who borrowed more than they could afford or banks that made foolish loans during the height of the speculative bubble in housing. This includes majority of Los Angeles homebuyers who bought homes since 2001. In addition, sorting who can be helped and who will not be helped is a daunting task.

Troubled homeowner and their increasing nervousness is evident across Los Angeles, Long Beach, Irvine, Orange, Santa Ana, San Diego, Torrance, Pasadena homeowners where falling home prices and negative equity are increasingly common.

As Los Angles home prices fall, many file Chapter 13 bankruptcy to protect losing their homes through foreclosure. However, with the current bankruptcy code, it is difficult to save many homes in the Los Angeles area.

The Federal Housing Administration, meanwhile, is examining ways to expand its new insurance program, known as FHA Secure, to help people replace their costly subprime mortgages with federally guaranteed fixed-rate mortgages. However, for those in foreclosure now, it may be too late. Mortgage industry executives say that the F.H.A.’s eligibility requirements are too restrictive. In that regard, many Californians including those in Los Angles, Long Beach, Santa Monica, Torrance, El Monte, Pasadena are filing Chapter 13 Bankruptcy petitions to save their homes.

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A bill introduced in the U.S. Senate last night will change the bankruptcy law to allow Los Angeles Bankruptcy Court Judges and Los Angeles Bankruptcy Attorneys to modify loans held by Los Angeles homeowners on the verge of losing their homes in Los Angeles and California through foreclosure.

The amendment to Bankruptcy Law, S.2636, allows Los Angeles Bankruptcy and Tax Attorneys to provide modifications to mortgage loans on the Los Angeles homewoners' “principal residence” who meet certain income and expense criteria.
Los Angeles Bankruptcy Court May Stop Foreclosure by Modifying Home Loans

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As the housing prices gradually decline in the Los Angeles area, foreclosure and bankruptcy attorneys in the Los Angeles area have been inundated with inquiries by consumers desperate to save their homes.

Los Angeles Times is reporting that to help homeowners, six of the largest U.S. mortgage lenders, including Los Angeles based Countrywide, announced today they will halt the foreclosure process while they try to work out a new payment scheme with the delinquent borrowers. This new plan is dubbed "Project Lifeline," and set to identify borrowers more than 60 days delinquent and stall any foreclosure proceedings by much as 30 days while new loan terms may be negotiated.

This "new" plan is not really new. Most banks have been extending additional grace period beyond the statutory foreclosure timelines to accommodate delinquent home owners. In this market, most banks do not want to foreclose on the homeowner. If you can show any reasonable cause or provide a plan which can demonstrate your ability to catch up on your arrears, most lenders have been holding off the foreclosure process in some cases as much as 6 months.

The real plan to stave off home foreclosures must involve lowering the interest rates and providing homeowners with a traditional 30 year loan. All these save the "American Dream" plans I've seen are gimmicky at best...its like trying to fix a broken dam with playdoh.

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Posted In: BANKRUPTCY

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