In this month’s Boston Magazine there’s an article regarding Boston real estate foreclosures. The article starts off with:
Screwed by the mortgage companies, blasted by the real estate bubble, and hung out to dry by the government, angry Boston homeowners are banding together to fight back…..
The story goes on to feature Ms. Drusilla Francis and her home located at 197 Normandy Street in Dorchester. The reporter describes a sad story, and you’d have to be cold-hearted not to be troubled by her plight.
When you read the story, remember this: What the Boston Magazine article doesn’t say:
The mortgage history of Ms. Drusilla Francis home at 197 Normandy Street, Dorchester Massachusetts.
197 Normandy purchased by Drusilla Francis for $81K
$77K as 2 mortgages
Foreclosure sale at $243K (Where she buys it back)
And the cycle begins again…
$295K mortgage for Drusilla Francis with cosigner
The mortgage history of 197 Normandy Street since 2003:
$265K mortgage (National City Mortgage)
$364K mortgage (First National Bank of Arizona)
$454K mortgage (WMC Mortgage Company)
$460K mortgage (Downey Savings and Loan)
Foreclosure sale at $243K
$295K mortgage for Drusilla Francis with cosigner (Aura Mortgage Advisors)
Hat tip: Richard Smith