While the Havemeyer Lane development has recovered from its original sponsor’s failure and now seems to be prospering, other projects around town seem still to be vulnerable, including that one on Sound View Drive. Here’s what happened to some Pennsylvania unit owners when their developer went bust.
Teresa Fusco thought she had done everything that she needed to do to sail comfortably into her golden years. She owned a condominium unit in Reading, Pa., with an appraised valued of $101,000, and she had a rainy-day fund in case her health failed.
So she was shocked when earlier this year she suddenly found herself with no home and a wrecked credit score after a company that bought most of the condo complex sold her unit for less than half of what she thought it was worth. To make matters worse, Fusco (pictured left) is still on the hook for the $71,000 mortgage on the property that she no longer owns