While the foreclosures and bankruptcies caused by the housing boom and subsequent bust hit the poorer areas of Arizona first, the trend has now reached to the higher classes. According to an article in the New York Times, one in seven homeowners with a mortgage of over $1 million have stopped paying their mortgages – and that’s a rate much higher than any other segment of the population. Only about one in every twelve homes that have mortgages less than $1 million are considered delinquent.
Experts think that perhaps the high rate of default is due to the fact that many of these mortgages are on second homes or investment properties – in other words, not a primary residence that would be emotionally and financially more difficult to walk away from. Wealthy individuals are also more likely to be cutthroat when it comes to hard numbers, and be more willing to walk away from an investment that is just not paying off.
Because of their focus on “return on investment,” the wealthy are often less susceptible to the shame and fear both the government and the home lending industry use to keep homeowners from acting in their own best interest. If the numbers aren’t working out for a wealthy individual, he will simply cut his losses and live to invest another day.
Whether you are very wealthy or just an average hard-working American who’s fallen on hard times, you owe it to yourself and your family to find out what your legal options are when you can no longer afford your mortgage payments.
At The Pew Law Center, PLLC, we believe that your life shouldn’t be defined by debt. We have helped hundreds of people just like you find the relief they deserve from harassing bill collectors, paycheck garnishment, foreclosures proceedings, and – most importantly – the constant worry about money and what to do about your debts.
We are a dedicated debt relief law firm. We help people from Phoenix, Mesa, Gilbert, Queen Creek, Chandler, Scottsdale, Apache Junction, Tempe and throughout Arizona file for bankruptcy or work through tough tax problems every day. We can help stop the debt cycle and give you relief from your overwhelming, burdensome, and crushing debt. Please don’t wait another moment. Call us right away – our attorneys will help get you the fresh start you deserve.