The middle-class or the unemployed aren’t the only people who face the prospect of foreclosure. The wealthy are also having trouble making their monthly mortgage payments, or are reluctant to pay even if they have the funds, according to Bloomberg.
Nicholas Cage, who won an Academy for his role in the movie ‘Leaving Las Vegas’, lost his 14,000 square foot house overlooking the strip to foreclosure. There are a number of luxury homes on the market in Las Vegas, and real-estate broker Zar Zangeneh told Bloomberg there are “a lot of homes like this (referring to Cage’s former estate) waiting for an owner.”
The subprime loans issued by banks, along with the high unemployment rate have impacted the Las Vegas real-estate market and given steam to the foreclosure problems faced by Arizona. Las Vegas has the highest foreclosure filings for a large city in the US. Many of the luxury homes are selling at a loss through short sales or seizures.
The foreclosure crisis seems to be slowing, but the market isn’t stable yet, and foreclosure attorneys remain in high demand. The price of food and gas are still rising while wages are remaining stagnant. The people who find it hard to make ends meet, may be faced with making the tough decision to walk away from their homes or provide for themselves and their families. Meeting with a foreclosure lawyer can help these individuals make a decision that meets their needs. Hiring a foreclosure attorney may give the homeowner a chance to keep their residence.
