Back on July 28th 1967, Thomas M. Chisolm obtained the deed to 672 Decatur Street in the Ocean Hill neighborhood of Brooklyn, New York. No doubt, a proud moment for Mr. Chisolm and his family, as many of us reading can recount the excitement of closing the purchase of our first home.

Home ownership, The American Dream, is representative of not only a claim to a fixed parcel of earth but also the beginning of creating family wealth through an appreciating asset.  A House to call your OWN.

A Beautiful Struggle. Indeed.

As time went on, Thomas M. Chisolm was able to pass on a symbol of great sacrifice to his wife, Elizabeth B. Chisolm, on October 13th 1989, in which she borrowed $5,710 from General Home Services, inc; which I believe was a Home Improvement scam that were rampantly predatory during the 1980′s in Brooklyn, where homeowners got sub par work for a home improvement loan arranged by a general contractor that usually carried a double digit interest rate amortizing for 40 years.

(Guess what was the collateral that backed the loan……their HOUSE)

If your keeping count, the house had been in the family for 23 years and could easily have been worth $175,000 by the late 80″s.

Fast forward to January 2nd 2009. The day that Charles Brown, Richard Borden and Robin C. Borden decided, in the name of the dearly departed (Thomas M. Chisolm, Elizabeth B. Chisolm, Steven Borden, Marion G. Borden and Thomas M. Chisolm, Jr.) a different course for their family’s legacy.

They SOLD the house to B & B Foreclosure Busters inc., offices located at 155-18 113th Avenue Jamaica, NY 11433, for $265,000.

Up until that moment, since 1967, the family had owned the house for 42 years. As a result of the sale, the family’s legacy was worth $6,309.52 for each year they owned 672 Decatur Street. Or, put differently;

A mere $17.28 for each day of the 15,330 days they held title to the property.

B & B Foreclosure Busters inc., being the altruistic, benevolent company they are, offered to help Charles, Richard and Robin escape the crisis from the deceased financial obligations they inherited.

Subsequently, B & B Foreclosure Busters inc. SOLD the property on January 30th 2009 to Quamba Gbadago for $640,000. No doubt, a proud moment for the Gbadago family, just as it was for Thomas M. Chisolm back in 1967.

And as for B & B Foreclosure Busters inc.; they owned the property for a total 28 days. The sales price of $640,000 allowed them to pay off the $265,000 loan they borrowed to purchase the property.

As a result, they were left with a gross profit of $375,000. Or, put differently, earned $13,392.86 for each day they owned the property. Let’s look at this again….

The home ownership/financial legacy of Thomas M. Chisolm, $17.28 a day for each of the 15,330 days of ownership.

And for the windfall profits of B & B Foreclosure inc., $13,392 a day for each of the 28 days of ownership.

Think this is a rare occurrence in neighborhoods like Ocean Hill, Brooklyn? (remember, where chaos exists, opportunity abounds)

B&B Foreclosure Busters Inc., Brooklyn, Foreclosure, Home Improvement Scams, Ocean Hill