After landing in bankruptcy court in 2004, Cynthia King was deluged with letters from companies offering to help straighten out her finances so she wouldn’t lose her cozy St. Petersburg home.
King went with a $143,250 loan from Resmae Mortgage of California. It paid off her original mortgage and gave her some extra cash, but it came with a hefty interest rate – 8.39 percent.
A certified nursing aide, King struggled to make the $1,090 monthly payments, which didn’t include ever-rising taxes and insurance. She fell behind last fall, and now faces foreclosure for the second time in three years.
“I’m going to lose the house,” says King, a divorced mother of two. “I love being here, but now I wish I hadn’t gotten into this.”