Woman on Brink of Foreclosure on $1 House
You know the story – back before the housing bubble went bust, a bunch of people went out, bought houses they couldn’t afford and then got swindled by some less-than-stellar mortgage deals when everything went south. When the housing market crashed, people had bills they couldn’t afford and many homeowners experienced foreclosure and moved out of their homes.
Unfortunately, what we’ve just mentioned is a story many of us know too well – either by personal experience or through watching the news. But, that is not the story we want to share with you about a woman called Linda Hatchell.
Linda Hatchell didn’t buy a house she couldn’t afford. She paid $1 for the house in Glen Elyn, Illinois – yes just a buck! And moved into the house back in 1989. This was well before the housing market crisis we have just dealt with as a nation. But, Hatchell is still on the brink of losing that house.
Back in 1989, the house was in such disrepair that the previous owners were just going to tear it down. Hatchell had her eye on the house for a while – a dream house with a wraparound porch. She bought the house for a dollar on the condition that she would relocate the house to another site. So she did.
And for the next two decades, Hatchell restored the house and filled it with well-loved antiques. Over the years, she took out a mortgage to pay for the renovations and ongoing maintenance. But, due to a recent health crisis and the loss of her job, like so many Americans, Hatchell is now facing possible foreclosure. She must sell the house right away or lose it to the bank – either way, she has to move.
Lance Grooms.Back to all blogs
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