"My dad tried to help me create a legacy for myself and my kids and now I have nothing really to give them,"
"Generational wealth, it's not for me."
Barbara Small bought a three-story brick home in Flatbush in 2005 with her father as a retirement residence and investment for her family. After financial setbacks, including a nonpaying tenant and her father's death, the mortgage—owned by investors and managed by BNY Mellon and servicer Shellpoint—fell into foreclosure. Small attended the courthouse auction where the building sold in minutes for about $1.3 million. A court-appointed referee calculated amounts owed and, after creditors and attorneys took their shares, Small received roughly $100,000, far below market value. An attorney for the lender used a disputed interest-calculation method that contradicted court guidance and increased the amount taken by tens of thousands, reducing the homeowner’s proceeds.
Read at Gothamist
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