Woman Faces Foreclosure on House She Bought for $1
We all know the housing crisis narrative: Back in the go-go days of the boom, someone bought a house they couldn't really afford, financed it with a "creative" mortgage and proceeded to use the place like a piggy bank, on the theory that home values would remain forever up in the stratosphere. Then the housing market crashed, the bills came due and now many of those homeowners are staring down foreclosure.
It's a story we've heard so many times we can practically recite it by heart.
Well, Linda Hatchell didn't do any of those things. In fact, Hatchell paid just $1 for her home in Glen Ellyn, Ill. Yet today she's on the brink of losing it, reports NBC Chicago
When Hatchell bought the historic Victorian in 1989, it was in such bad shape that the previous owner wanted to knock it down. Hatchell, seeing her "dream" in the graceful house with the turret and wraparound porch, plunked down the asking price -- in vintage turn-of-the-century coins! -- on the condition that she move the property to another location.
Over the next 20 years she restored the house to pristine condition and filled it with period antiques. She took out a mortgage to finance the project, but the cost of renovation and ongoing maintenance, coupled with the loss of her job and a health crisis, stretched Hatchett to the breaking point. Now she must sell the house or lose it to the bank.
Watch the video below to hear Hatchett tell her story.
See homes for sale and foreclosures in Glen Ellyn, Ill. on AOL Real Estate.
Update: Linda Hatchell, Woman in $1 Foreclosure, Responds
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