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 Los Angeles county documents dated Feb. 7, 2008, show the home mortgage notice of default was withdrawn.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.