California Representative Slips into Foreclosure

Time icon May 22nd, 2008 by Autor admin

As the legislature struggles to find a solution to the rising numbers of foreclosures in California, one representative is now feeling the burden of the problem first hand. California state representative Laura Richardson, a member of the House of Representatives, saw her home slip into default last week after she fell behind on her home payments. The debt on her home has now passed a significant amount, and sources say a foreclosure trustee sale has been scheduled.

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This shows just how far the foreclosure problem has extended in California. Even though Richardson makes a six figure salary, she too is being affected by the state’s surge in foreclosures. The irony here is that Richardson has been part of recent talks in the state Congress about how to slow the foreclosure trend and find a solution for homeowners.

Reports also indicate that neighbors complained about the foreclosure, citing that Richardson did little to take care of the house, and now it is dragging down property values of homes all around it, a common problem when a foreclosure happens within a community.

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Posted in California, Foreclosures | Comments 5 Comments »

5 Responses

  1. Buyers Finding More Los Angeles Cheap Homes due to Foreclosure | Foreclosure Home Information Says:

    [...] California Representative Slips into Foreclosure [...]

  2. Find Listings Online - Find Job Listings, Real Estate Listings and Classified Listings. RSS Feed Also Available » Blog Archive » Foreclosure Tours Popping Up All Over the Nation Says:

    [...] California Representative Slips into Foreclosure As the legislature struggles to find a solution to the rising numbers of foreclosures in California, one representative is now feeling the burden of the problem first hand. California state representative Laura Richardson, a member of the House of Representatives, saw her home slip into default last week after she fell behind on her home payments. The debt on her home has now passed a significant amount, and sources say a foreclosure trustee sale has been scheduled. [...]

  3. Gary Boomershine Says:

    This is an amazing story. But Richardson’s true position is unclear.

    While the California General Assembly is struggling with the state’s foreclosure crisis, Richardson is actually a California member of the U.S. House of Representatives.

    Also, her home is past default: it was sold earlier this month at a foreclosure auction, which makes it appear that U.S. Rep. Richardson lied in a statement she issued last week regarding the status of her distressed property.

    Richardson apparently went into debt in her campaign to be elected to the U.S. House of Representatives. Her opponent died of cancer….

  4. Washington State Real Estate Information Resource Center. Washington State Real Estate RSS Feed Available. » Blog Archive » Rhode Island Sees Foreclosure Rate Triple Within Year Says:

    [...] California Representative Slips into Foreclosure As the legislature struggles to find a solution to the rising numbers of foreclosures in California, one representative is now feeling the burden of the problem first hand. California state representative Laura Richardson, a member of the House of Representatives, saw her home slip into default last week after she fell behind on her home payments. The debt on her home has now passed a significant amount, and sources say a foreclosure trustee sale has been scheduled. [...]

  5. Texas Widow Says:

    My understanding is that she had 4 houses and 3 are in trouble.

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