The Real Deal Los Angeles

LA’s City Council President received default notices on properties

Since taking office 2011, Herb Wesson came close to foreclosure — twice

August 18, 2016 12:15PM

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Herb Wesson

Herb Wesson

He may hold sway over L.A.’s $8.8 billion budget, but Council President Herb Wesson is having money issues of his own.

The second-most powerful politician at City Hall has received five default notices on his properties since taking office in 2011, according to the L.A. Times. He came close to foreclosure twice.

Wesson owns two properties: his residence in Mid-City, which he acquired for $759,999, and a rental property in Ladera Heights.

Council members earn $189,000 or more every year. At one point, Wesson was $33,248 and more than five months behind on his mortgages, according to his fourth default notice. Just last month, his rental property was scheduled for a trustee’s sale, but it was later cancelled.

“Like so many Americans, my wife and I purchased our home during the peak of the housing market only to watch the bubble burst and the economy nose dive into the worst recession in more than sixty years,” Wesson told the Times in a statement.

“We have been working with a financial adviser to get our household finances back on track,” Wesson wrote. “[W]hile our financial hardship is deeply personal, we hope to use our experience to help local families learn more about managing their finances and weathering economic uncertainty.”

His spokesperson said all five of his default notices rescinded and that he’s now current on both mortgages. [LAT]Cathaleen Chen