Michael Jackson fails to pay mortgage for Los Angeles home

March 1st, 2008 - 5:14 pm ICT by admin  


Washington, Mar 1 (ANI): Michael Jacksons financial condition seems to have worsened, for the public documents have revealed that the singer has failed to pay mortgage for his Los Angeles home.

According to the documents, the 49-year-old singer has failed to pay 153,000 dollars on the Encino property to mortgage lender Indymac Bancorp, as part of his 4 million dollars loan.

The papers filed with the Los Angeles County Recorder’s Office dated Feb. 7 revealed that the Pasadena-based company originally issued a notice of default to Jackson, but then vacated it, reports E! Online.

The singing icon is already facing crisis following his 24.5 million dollars loan for his Neverland Ranch, which he failed to pay.

As a result, Financial Title Co., a San Francisco-based lender, has announced plans to sell the residence/amusement park at public auction on Mar. 19.

However, Jackson’s reps were not available for comment. (ANI)

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