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Protest fails to keep Roslindale couple in triple decker

By adamg on Thu, 09/25/2008 - 5:12pm

Rowe Street protest doesn't stop police. Couple had signed up for a mortgage worth as much as their monthly income; then they couldn't find somebody to pay as much as they'd thought they could get in rent and they fell behind.

Neighborhoods: 
Roslindale
Free tagging: 
foreclosure


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Comments

By eeka on Thu, 09/25/2008 - 6:47pm.

The couple had trouble getting the $1,200 in rental income that the bank had counted on, and they fell behind on their mortgage.

So, if I do a little math here, that means that they weren't able to find two families who would each rent a floor of their threedecka for $600? Wouldn't you think they'd have hordes of people lining up to rent a place with that kind of cheap rent? Since they apparently don't, I'm wondering if the place is in horrible shape, or they're obnoxious landlords, or they have no marketing skills to speak of, or they're extremely choosy about who they'll rent to, or or or...

Yes, it sucks that they're losing their home, but it kind of sounds like they went into a business venture without the knowledge and skills to make it work. There aren't (usually) people protesting about the greediness of banks when a business closes because they can't stay in the black.

http://1smootshort.blogspot.com

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By SwirlyGrrl on Thu, 09/25/2008 - 7:59pm.

This does sound odd - I can't think of a place in the area where a floor of a triple decker wouldn't fetch at least $900 per month. That's enough to cover the mortgage with some left over for maintenance.

I wonder if there was some legal or code problem keeping them vacant. Even a tenant on a favorable lease can see their rent go up once the lease is up.

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By BrucemB on Thu, 09/25/2008 - 10:01pm.

WTF were these people thinking? What happened to common sense? Just because a bank says they'll lend you the money, doesn't mean you should sign the bottom line.

Sorry, but the needle on sympathy meter ain't budging.

Unless, it can be proven that the loan officer screwed them by giving them false information. In which case, drag him out of his office and hang him from the nearest lamppost.

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