Elderly Harlem Homeowner Giselle Allard’s Mortgage Balloons From $100,000 To $7 Million
An elderly Harlem homeowner who owns four Harlem brownstones may end up homeless. All because of the massive debt on one of the properties that ballooned beyond control.
What began as a $100,000 mortgage 20 years ago on a dirt-cheap piece of property along a crime-ridden neighborhood has escalated to the most ludicrous of debt at more than $7 million.
Now Giselle Allard is being forced to sell at least some of her properties to pay off the astronomical debt. Allard told the Daily News:
At issue is a brownstone Allard bought in 1998 for $135,000 at 50 E. 126 Street.
The Harlem homeowner put $35,000 down and reached an agreement directly with the owner, Robert Robinson, to pay the rest, $100,000, over the next 10 years.