POSTED: AUGUST 3, 2009
Wendy L. Wilson; courtesy of Essence.com
After a bad storm last December caused serious damage to her home in Teaneck, New Jersey, things for Angela Logan went from bad to worse. The contractor she hired ended up causing even more damage to her house, forcing Logan to pay $50,000 in repairs and leaving her house unfinished. The modeling agency that hired Logan went belly up without paying her several thousands of dollars for jobs she had already completed. That’s when her mortgage payments started to go downhill. Next thing the 55-year-old actress/model knew she was close to losing the house she has lived in for the last 20 years to foreclosure. That’s when she decided to set a goal and bake her way out of her financial problems. Logan was able to raise enough money to make her mortgage payments and may have even found a new calling through this experience. She spoke to ESSENCE.com about how she used her famous Mortgage Apple Cakes to save her from imminent foreclosure, who helped her get the word out and what she hopes other people will learn from her story.
ESSENCE.COM: How did you come up with the idea to sell cakes to help raise the money you needed?
ANGELA LOGAN: I met with a credit counselor who told me about a refinancing program called Making Homes Affordable. I signed up for it but it took at least three months to get a response from them. Once we did, they said, okay, now you have to make the first payment. This program was going to significantly decrease my mortgage but in order to get it I had to pay off all my bills and make three mortgage payments for the rest of the year. I had to find a way to get that money. So, I made a plan. I was going bake and sell 100 cakes at $40 per cake in 10 days.
CLICK HERE TO READ THE FULL ARTICLE.