Apparently even the rich and famous are calling their lenders to work out new terms to avoid foreclosure. At least Michael Jackson is:
Pop star Michael Jackson will avoid foreclosure on his Neverland Ranch property with a new loan, a Jackson insider told CNN Wednesday.
Documents show that Neverland Ranch in Los Olivos, California, is scheduled for a public auction on March 19 at Santa Barbara’s downtown courthouse.
But the Jackson source said that won’t happen.
"Michael Jackson’s ranch is not going to be auctioned off at the courthouse," the Jackson insider said. "The financing is all being worked out."
"There are plenty of lenders willing to work with him. The real estate market is very bad right now and Jackson is being affected just like many other Americans," the source said.
Congressman Brad Miller of of North Carolina stated:
Every foreclosure means a family is falling out of the middle class into poverty.
I’m glad to see Michael Jackson dodged the bullet.
Oh bull. He’s been “losing” neverland for 10 years.
Actually Mr. Jackson has been stuck/lost in neverneverland for decades now……..what a strange fellow.
To Manfre…..My wife was particularly interested in San Antonio, says she likes that city. Could you please tell me where the better areas around San Antonio are? Any other info you could provide will be appreciated.
NVAttorney-
Exactly. The issue for Jackson is too much debt on a bad investment, not middle class vs. poverty.
I found this quote from yesterday’s Wall Street Journal interesting:
If this study is correct, homeownership has been a drag on low income Americans. Maintaining a property can be expensive, even for someone like Michael Jackson. Foreclosure for many Americans may represent a chance to get ahead.
This probably does not fit here, but it’s interesting news.
http://www.wra.org/online_pubs/press_releases/2008/pr0227_class_action.htm
Toysarefun-
You have to get way off-topic to get a reprimand around here, and that is a great link. : )
The case is alarming Wall Street’s biggest banks, which could bear the hefty cost of reimbursing all mortgage interest, closing costs and broker fees to groups of homeowners who uncover even minor mistakes in their loan documents.
It sounding more and more like maybe crime and irresponsibility may pay after all.
“The advertised 1.95 percent rate lasted only one month. It quickly soared to above 8 percent.”
If it looks too good to be true…read the fine print and get help if you don’t understand it.
“the district court judge in Wisconsin found those forms were confusing.”
Igor say pox
Every foreclosure means a family is falling out of the middle class into poverty.
How about:
Every foreclosure means a middle class family is leaving the illusion of an upper class lifestyle.
I can’t believe people are claiming that middle class people with $0 down I/O loans are suddenly poor when they lose homes that they never had a penny of equity in.
Sandman-
It’s entirely possible that these foreclosed on borrowers could go rent a comparable home for much less. They may find it actually easier to maintain that illusion now that they don’t have pay such a whopping mortgage.
“Loook!!! My mortgage broker says that every time a cash register rings, a realtor no longer has to eat ramen!”
Anyway, foreclosure doesn’t just affect the foreclosureee (can that be a word?)… it affects all of the comps in the neighborhood, the bank or mortgage company, etc.
And there’s no solving the ‘foreclosure problem’ .. it just has to play itself out. Period.
Entropy,
San Antonio’s better newer neighborhoods are all pretty much NW, N, and NE. It also depends on what you desire, convenience and a normal sized lot, or country living in the hill country on acreage. Most of the violent crime is inside the 410 loop. We, like most other cities are experiencing increasing inventory and declining sales, mind you, we are no Phoenix.
The best MLS website I use for the San Antonio area is http://www.halfpriced.com.
Feel free to email me at dan_manfre@yahoo.com if you would like to follow up and/or have more specific questions.