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Homeowner's default cost city $100K

Original post made on Feb 23, 2010

Between legal fees and missed loan payments and homeowners' association dues, the default on loans by a homeowner of a below-market-rate housing unit in the Menlo Square complex cost Menlo Park about $100,000, according to the city.

Read the full story here Web Link posted Monday, February 22, 2010, 11:37 PM

Comments (1)

Posted by Concerned, a resident of Menlo Park: Downtown
on Feb 23, 2010 at 2:49 pm

The $100,000 does not include the staff time to deal with the program and this problem. Current estimates for staff time are in the millions of dollars for the BMR program.

Our council majority doesn't care.


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