Sixty-year-old Rosemary Williams lived in the home at 3138 Clinton Avenue South in Minneapolis for the past 23 years. It's the only neighborhood she's ever known, having lived on the same block for the past 55 years.
Her troubles began last December when Williams lost her job and then received the terrifying news from her mortgage company. The interest rate on her GMAC adjustable rate mortgage shot up to 10 percent. You can imagine what that did to her monthly payment.
"It jumped from $1200 to $2200 in one year," said Williams.
Rosemary Williams eviction stalls on Friday—What will Monday bring?
Finstad also wrote: “Rosemary (my neighbor) grew up poor and she and her mother RENTED on our block for 30 years. Then she bought and payed a mortgage for 20 years. I don’t know the circumstances around her situation, but she took out a second mortgage (that was adjustable rate) and when it “adjusted” her payment then doubled."
ROSEMARY HOW MUCH MONEY DID RECEIVE WHEN YOU TOOK OUT THE SECOND MORTGAGE???
You lost your house not because GMAC is big and evil, *you* got greedy and took out a boatload of cash with a second mortgage you could not afford.
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