Foreclosure.com Founder Facing Housing Troubles
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SACRAMENTO (CBS13) — More than five million homeowners in the U.S. are at least two months behind on their mortgages, and one of those homeowners being threatened with foreclosure is the founder of Foreclosure.com.
Alexis McGee did not want CBS13 cameras at her Fair Oaks home.
“The cops will be here soon. That’s fine, I’d be happy to talk to them,” said McGee.
The police never came, and McGee agreed to speak to CBS13 at a later date.
The Foreclosure.com founder’s own dream home, now listed on her own website, is up for auction on the courthouse steps on January 7.
Her website promotes her as an expert in purchasing distressed property. Documents from a notice of trustee sale show she and her husband have an unpaid balance on their mortgage of $1.7 million.
But, their neighbors feel for their friends.
“Yeah, it’s sad because you hate to have somebody that’s been really a nice neighbor, and have them having such a hard time,” says Beth Lidstone, McGee’s neighbor.
Statistics show in Sacramento County the number of homes going into foreclosure this year is similar to last year.
In California, notices of defaults are typically being filed after a borrower is five months behind on payments, owing roughly $14,000 on a $330,000 mortgage.
Broker Tyler Smith says a new wave of foreclosures will hit as soon as the holidays end.
“When 2011 comes – January, February, March – we’re definitely going to see another wave of foreclosures,” says Smith.
The end of foreclosure moratoriums will lead to more homes lost, and more homes back on the market; more distressed property coming soon. And if this is any indication, it turns out that even the experts aren’t immune.