Sinking Under A $10,000 Monthly Mortgage Payment : NPR

Sinking Under A $10,000 Monthly Mortgage Payment : NPR


The nation's housing crisis has touched countless people. Increasingly, the well-off are among them.
Housing counselors around the country say they are seeing more people struggling to keep their million-dollar homes. It's a twist on a familiar story of hardship — but one that involves some very big numbers.
Moving Up, Falling Down
Expensive homes dot the hills overlooking the beaches and boutiques of Laguna Beach, Calif. It's a tony backdrop for an event sponsored by the Orange County Home Ownership Preservation Collaborative, a nonprofit group working to help financially distressed homeowners.
John Jalali and his wife are here, seeking a loan modification on their house. Once valued at over $3 million, it's now worth about $2 million.

 Now, the Jalalis' mortgage is $10,000 per month.