You are viewing an obsolete version of the DU website which is no longer supported by the Administrators. Visit The New DU.
Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Milwaukee homeowner paying on time, yet facing eviction [View All]

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
The Straight Story Donating Member (1000+ posts) Send PM | Profile | Ignore Sun Apr-24-11 01:41 PM
Original message
Milwaukee homeowner paying on time, yet facing eviction
Advertisements [?]
Milwaukee homeowner paying on time, yet facing eviction

Keon Williams is on the verge of being thrown out of his house - a startling turn of events, considering that for nearly three years since refinancing in 2008, he faithfully paid his monthly mortgage and his property taxes.

.....

Williams, an ex-Marine and single father of three teenagers, finds himself caught up in the continuing fallout from America's mortgage meltdown. His right to continue living in the home he bought, the home he has been paying for, is in jeopardy in the aftermath of the collapse of Central States Mortgage Co., the now-shuttered firm that was once the largest mortgage broker in the state.

The problem: When Williams refinanced with Wauwatosa-based Central States in 2008, cutting his 12.5% interest rate nearly in half, Central States' affiliate, Interim Funding LLC, didn't pay off the original mortgage. Battered by the housing crisis, it took the proceeds from the refinancing and paid other lenders, said Stephen Kravit, attorney for Richard Jungen, a shareholder in Interim and founder of Central States.

Williams was left with two mortgages - including one that he didn't know still existed. His small home at the corner of 44th and W. Keefe Ave., with a recent assessed value of $117,200, had become collateral for two loans totaling more than $265,000.

http://www.jsonline.com/watchdog/watchdogreports/120551...
Printer Friendly | Permalink |  | Top
 

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC