Speaking of the myriad of San Francisco buyers who bought with no money down:
Supervisor Malia Cohen has joined the ranks of the foreclosed, having lost her $581,178 condo to the bank.
The 33-year-old Cohen was a community organizer and ran a social-media business before her election in November from District 10. She says she was the victim of a predatory bank loan on the two-bedroom condo she bought with no money down in 2006 at 501 Crescent Way just west of Candlestick Park.
Cohen said before the election that the foreclosure was being “rescinded.” However, efforts to renegotiate the loan failed, and she moved out Jan. 4, four days before she was sworn in.
“It was underwater, so I let it go,” Cohen said.
While the Chronicle reports Cohen’s January move, we’ll note the bank had actually foreclosed on the condo this past August, a few months before her election. And the first notice of default on the property was filed in January 2010 with $11,190 then past due.
The condo which Cohen purchased for $581,500 in December 2006 has been on the market for the past nine days listed for $314,900.