Inside Larry Elder's bad bets:
declaring that “no one put a gun to either lenders’ or borrowers’ heads” and arguing that the media had “ignored the consumer’s responsibility for debt.”
Both of those loans would soon be in trouble. In late 2009, Los Angeles County records indicate that Elder’s $2.9 million mortgage on the second house was in default. His lender filed a notice, saying it would sell the place to the highest bidder in an auction from the courthouse steps to cover the $3 million he owed by then. The home sold at auction in May 2010 for $2.4 million—well under what Elder’s creditors were owed.
“I am experiencing a financial hardship. As a result, I am in default under the Loan Documents or my default is imminent, and I do not have sufficient income or access to sufficient liquid assets to make the monthly mortgage payments now or in the near future.” It’s not all that surprising that so much time passed between 2010 and 2014 without lenders seizing the home or Elder securing refinancing sooner, says Christopher Odinet, a University of Iowa law professor specializing in real estate and mortgage lending and author of the book “Foreclosed: Mortgage Servicing and the Hidden Architecture of Homeownership in America.”
Los Angeles County records show that Elder launched a series of lawsuits against his lenders over the years. Those suits may have helped prolong the foreclosure process until Elder was able to refinance his mortgage. Elder has found a footing in the race thanks to his name recognition and positioning as an ultra-conservative protest candidate attractive to voters fed up with California’s progressive Governor Gavin Newsom.
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