Foreclosures on homes worth $5 million or more have skyrocketed. The bulk of these properties lie in California and Florida. Many of these properties have been delinquent for at least a year, so industry insiders are not surprised to see luxury homes fall into foreclosure. However, this may not be the only reason for the rise in luxury foreclosures. This may simply be the time mortgage lenders are confident they can resell the home for a profit, or break even, or have other financial resources to take a loss on the properties.
The mortgage lenders were much more willing to make a deal on a $5 million or more loan, as the losses could be larger. However now the economy has changed. Many homeowners who thought they were negotiating a deal with their bank have found themselves in foreclosure. If you are having trouble paying your mortgage, or have faced a recent foreclosure, contact a qualified debt settlement attorney. A qualified settlement attorney is skilled in negotiations with all lenders and banks and can give you options on how to proceed. Homeowners underwater on their home, delinquent, in mortgage payments, or that have faced a recent foreclosure should contact a qualified debt settlement attorney.