As mortgage noose tightened, these 3 slipped its grip [Philadelphia]
When Janice Freeman bought her $65,000 fixer-upper in Overbrook six years ago, she was working two human-services jobs, including one with lots of overtime, and had tenants paying $1,000-a-month rent.
She was proud that buying her first house after a lifetime of renting provided a “real home” for her daughter, her foster child and her grandson.
But after she refinanced her mortgage three years ago to make necessary major repairs, Freeman lost the job with the overtime. Four months later, she lost her tenants.
Her income was cut in half while her $1,147 monthly loan payments were double what her original mortgage payments had been.