Democrat Laura Richardson May Get Back Her Repossessed House
Posted on June 12, 2008
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The Democrat from Long Beach Laura Richardson may get back her Sacramento repo home, although the new owner has started making repairs and alterations. Recently she caught the media attention for having her house repossessed and defaulted in two other units. She bought this Sacramento house towards the beginning of last year for $535,000 after having won her Assembly seat. But she failed in making mortgage payments. She also owes Sacramento County $9,000 as taxes. The Capitol Weekly first brought to light her series of failures in property matters.
Richardson won in a special election in August 2007 after the death of the sitting member Juanita Millender-Mcdonald. Richardson had started off her political career as a councilwoman of Long Beach.
Realtor James York purchased the house in Sacramento that was located in an upper middle class neighbourhood on 7th May this year for $388,000. The deed was formalized on 19th May. After that he started to paint the unit, landscape it and lay tiles. According to York, Washington Mutual contacted him regarding buying back of the house and wanted to know the price. Soon after he got a note of rescission of the foreclosure sale on 2nd June. The keys were demanded back. York claims that they just took back the property and did not even give the money. York is planning to take legal action by the end of the week against the duo – Washington Mutual and Richardson. York alleges that Richardson is using her political clout for her own needs. He says, “you don’t have to be smart to understand what’s happening.”
Richardson refused to make any comments. Sara Gaugl of Washington Mutual explained that since Richardson had not authorized her, she was in no position to discuss the loan. Real estate attorney Lewis Feldman and chairperson of Goodwin Proctor, California commented that the deal sounded strange. Inspector Clouseau also mimed these sentiments saying that something was definitely unusual about the entire episode.
Sacramento was the first house Richardson defaulted on resulting in foreclosure. She has tripped six times on units located in San Pedro and Long Beach. The last one was recently on 28th March. In the last 13 months she has defaulted five times. That was when she was busy with her political campaigns that cost her $177,500. As a member of the Congress her takings are $169,300.
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