Saturday, January 12, 2008

Cynthia Szukala

Cynthia Szukala, Buyer / Home-ATM
I somehow missed this story back from Oct. '07.

2007-Oct: Sub-Prime Lending Pain
But Boyle Heights resident Cynthia Szukala faces a more immediate sub-prime nightmare: foreclosure and the loss of the home she bought with her husband Raymond in 1998. Szukala, 59, signed on for a loan in 2005 to refinance the property on Morrow Place in Boyle Heights.
The Szukalas had already refinanced in 2004 with a conventional loan.
Szukala says the broker “took advantage. Not only was my husband a senior citizen. He was dying.”

The part of the story that Cynthia failed to communicate was that...

In nine years time, the couple had refinanced their loan not once or twice as Cynthia indicated, but seven times. They had been living off equity for years, borrowing nearly $300,000 in all (about $31,300 per year).

2007-Oct: Mortgage Meltdown 2007: Local Stories

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