Homeless shelter in Atlanta faces foreclosure
Foreclosures nationwide have become so troublesome that now even homeless folks in Atlanta, Ga., are facing eviction. The Atlanta Journal-Constitution reports that the The Metro Atlanta Task Force for the Homeless, which often provides warm food and shelter for 700 homeless men in the area, recently defaulted on a $500,000 loan payment. Here’s how it happened, according [...]
Foreclosures nationwide have become so troublesome that now even homeless folks in Atlanta, Ga., are facing eviction.
The Atlanta Journal-Constitution reports that the The Metro Atlanta Task Force for the Homeless, which often provides warm food and shelter for 700 homeless men in the area, recently defaulted on a $500,000 loan payment.
Here’s how it happened, according to Bob Cramer, chairman of the board of the task force:
“The balloon note was due over a year ago but I think it is important to note that all the interest has been paid through February. We were trying to work it out.”
In particular, Cramer is working to renegotiate the loan amount with its current lender, Ichthus Community Trust. However, if a deal can’t be struck in about a month, the current tenants could be forced out onto the streets once again.
We’ll pass along an update on this unfortunate situation if and when it becomes available.
