Ouch! Sorry to read this today, Malia. From SFGate's Matier & Ross
On the home front: San Francisco 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Cohen said before the election that the foreclosure was being "rescinded."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.
These days, Cohen says, she's living in a rented apartment in the district. She declined to disclose the address.
As for her former condo, Wells Fargo bank has put it back on the market for $314,900.