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| Saturday, July 31, 2010 |
| Baking your way out of financial trouble |
The Wall Street Journal recently posted two stories of women who are selling homemade apple cakes and cornbread dishes to raise enough money to save their homes from foreclosure.
Bake Sale Helps New Jersey Woman Save Her Home reports the tale of Angela Logan, a divorced mother of three in Teaneck, N.J., who has sold enough of her $40 apple cakes to make her mortgage payment and is now eligible for a loan modification from Bank of America.
Fighting Foreclosure with Cornbread reports 48-year-old Beverly Davis of Fairburn, Ga lost her home to foreclosure on March 2, 2010 (she paid $134,000 for the three-bedroom, two-bathroom ranch in April, 2006). She is now selling homemade Chicken potpie with a cornbread crust, Cornbread souffle, and cornbread mix and a cast-iron skillet kits or just the cornbread mix alone. She needs to raise an additional $60,000 to buy her home at the foreclosure auction (in a couple of weeks).
- Angela Logan Mortgage Apple Cake website
- Beverly Davis Cornbread website
It is inspiring to see these women tap their own talents to come up with a product that they can then turn into needed cash. It is unclear if buying back or modifying their loan is the long term solution. Both women seem to need these ventures to turn into steady income (since they are unemployed). |
| posted by Boston Gal @ 10:34 AM *
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| 4 Comments: |
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I REALLY admire these women, kudos to them! But do they know that they will have to pay taxes on some of that income? I sincerely hope so!
And SHAME on the neighbors (15 of them?!) that complained about using her kitchen as a commercial kitchen. Kudos to the manager of the Hilton for finding a solution.
I hope things work out for both of them. Nobody likes deadbeats but sometimes it seems to me that when people do muster up all their energy and try to find a solution to their problems, some people do their best to make life difficult for them anyway. Probably the same people who would complain loudly about these women being on government assistance. They are trying as hard as they can to make their own way, and some people are complaining anyway, loud enough to make the town not turn a blind eye.
Makes me think sometimes you just can't win, as they say. I hope these women get what they are working hard for.
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Miracles like this only happen when the media support them. At $40/per she'd still be trying to sell her first cake otherwise
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$40 a cake is definitely marketing to the not-so-frugal. I am glad to read stuff like this but hopefully the people shelling out $40 a pop for these cakes aren't going to be in similar hardship in the upcoming months.
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I also wonder how viable these businesses would be without the charity/media-aspect in the long-term. I'm glad it's working out for the short-term emergency.
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I REALLY admire these women, kudos to them! But do they know that they will have to pay taxes on some of that income? I sincerely hope so!
And SHAME on the neighbors (15 of them?!) that complained about using her kitchen as a commercial kitchen. Kudos to the manager of the Hilton for finding a solution.
I hope things work out for both of them. Nobody likes deadbeats but sometimes it seems to me that when people do muster up all their energy and try to find a solution to their problems, some people do their best to make life difficult for them anyway. Probably the same people who would complain loudly about these women being on government assistance. They are trying as hard as they can to make their own way, and some people are complaining anyway, loud enough to make the town not turn a blind eye.
Makes me think sometimes you just can't win, as they say. I hope these women get what they are working hard for.