Unfortunately, foreclosures have surged 181 percent in the nation since March of 2020. Chicago, New York, Houston, and sadly, even Los Angeles have been the hardest hit cities.
California foreclosures continue to rock the state. They are even affecting the top 1 percent of Californians.
If you’re one of the many homeowners facing foreclosure, you need the help of a foreclosure attorney in California. Together, you’ll look over your options moving forward.
Even the Wealthy Face California Foreclosures
A Bel Air mega-mansion, known as “The One,” sold recently for 126 million dollars at a bankruptcy auction. It sold for a major discount, having originally been listed for 295 million dollars.
The mega-mansion was placed into bankruptcy after Los Angeles’s largest single creditor, Don Hankey, foreclosed on the 106 million dollars in debt defaulted on by Crestlloyd. Crestlloyd was the limited liability company established by Nile Niami, the legal owner of “The One” project and a prominent Bel-Air developer.
“The One” is just the latest Bel-Air luxury home to fall into bankruptcy following a flurry of pricey development projects in the communities of Los Angeles.
California Homeowner Protection Can Help
Are you a Californian homeowner? Are you falling behind on your mortgage payments due to the COVID-19 pandemic? If so, then you may be eligible for state-approved grants to help you get back on your feet.
These state-approved grants are part of the California Homeowner Protection act, designed to help curb foreclosures in the state.
Forbearance Available for Federally Backed Loans
Forbearance allows you to temporarily postpone or lower your monthly mortgage payment. If your home mortgage is federally backed, then you’ll be eligible for forbearance.
But, the length of time available to you for forbearance is dependent upon your financial backer. Usually, you’ll get 3 to 6 months for forbearance before you must apply for an extension.
There isn’t a deadline for asking for forbearance. But, it’s crucial to note that not all borrowers will be granted the greatest amount of extension time.
If you’re in need of an extension on your forbearance and are unsure if you’ll get the extra time, then contact Estavillo Law Group to discuss your options moving forward.
We’re Here for California Homeowners
Foreclosures are affecting many, even the top 1 percent of Californian homeowners. But, if you’re one of many such homeowners facing foreclosure, then you’ll be glad to hear that there’s light at the end of the tunnel.
If you would like to learn more, then contact us and a member of our staff will be happy to answer your questions.