The Des Moines Citizens for Community Improvement’s fight against the Wolford Group began in December 2002 when Doreen Johnson approached the organization regarding her real estate contract with the largest contract real estate seller group in Iowa, the Wolford Group.
 
She told her story of how she had been misled into signing an “interest only contract” with a five-year balloon payment. In April 2001, she had made a $22,900 down payment on a property Wolford sold to her for $72,900.  She also put $7,000 worth of home improvements into the property.  As a result, she owed Wolford $50,000 after her down payment and would still owe $50,000 when her balloon payment came due in June 2006.  In January 2003, CCI hired an independent appraiser who appraised the property to be worth only $45,000- almost $30,000 less than she paid. 

When Ms. Johnson first contacted CCI, she could probably not have imagined that meeting would lead to the Wolford Group filing for bankruptcy less than two years later in response to a lawsuit filed by the Iowa Attorney General.

.  ...this story is continued here.

Also in this issue:

*Hope street pressures school officials

NPA action on HUD leads to local housing victories across the

*Court rules pork checkoff unconstitutional

*Diverse cultures join together, address neighborhood issues for first time

*BPYC wins funds for youth art program

*SUN Demands straight talk from county

*Fairbanks folly continues, more steps taken

*San Lucas Worker's Center wins $13K lawsuit

*Hispanos Unidos leads fight for immigrant rights in Kansas

*NTIC celebrates 30 years of organizing neighborhoods

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