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August 31st, 2009

Update1 ‘Mortgage Cakes’ Become Full-Time Job

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Update1: What started out as a last-ditch effort to save her home from foreclosure, has grown into a full-time job for one New Jersey woman. Back in July we wrote about Angela Logan, mother of three and self-taught baker, who baked and sold her own cakes to help pay for her mortgage:

Logan recently trademarked the name of her signature cake and signed a two-year licensing agreement with Bake Me A Wish, an online seller of special-event cakes.

The company is producing Mortgage Apple Cake according to Logan’s recipe at its Long Island plant, and Logan is developing a line of other cakes under her name for Bake Me A Wish, while serving as spokeswoman for Mortgage Apple Cake. Five percent of the apple cake proceeds goes to GreenPath Debt Solutions, a non-profit credit counseling service that helps consumers in the sort of financial predicament in which Logan found herself.

Bake Me A Wish stepped in and assisted Logan about a month ago when her home kitchen quickly became too small to support the thousands of orders that were coming in. According to the Bergen (NJ) Record, BakeMeAWish.com shipped 2,500 cakes last week alone. Logan says it was her “out of the box” approach to solving her financial problem that has helped her generate so much interest.

Under Logan’s Federal loan modification, she had to make three payments of $2, 559.94 to her lender. She’s happy to report that the first two payments were made, and the third is ready to be mailed — a month ahead of schedule.

(Original post, “Cooking Up A Way to Avoid Foreclosure,” published on 7/20/09): Angela Logan, 55, of Teaneck, NJ is attempting to bake her financial problems away. After a series of financial misfortunes, Logan received a foreclosure notice on the home she has been living in with her family for the last 20 years. With the help of a credit counselor, the mother of three had her loan modified under the Federal program. Under her new loan, Logan has to pay three installments of $2,560 — the first of which is due July 26.

Logan began baking earlier this year, asking family and friends to buy her cakes t0 help her avoid foreclosure. The cakes, which sell for $40 a piece, have really begun to catch on. The self-taught baker set out with a goal to sell 100 cakes in order to make her first payment. Before last week she had sold only 42 cakes. After several news stories and T.V. appearances, Logan has received over 225 orders, and the calls and emails keep coming.

What started out as a disaster for one American homeowner has quickly turned into a blessing, and now a possible new career path. While we don’t know the specifics of Logan’s mortgage, we are curious to why a homeowner who couldn’t make their payments in the first place was given a modified loan that included three more, quite onerous, payments.

What other inventive ways are people attempting to avoid foreclosures?

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4 Responses to “Update1 ‘Mortgage Cakes’ Become Full-Time Job”

  1. Barbara Dean Says: July 21st, 2009 at 10:19 pm

    This story is inspiring. Angela keep going at it , victory is within sight.

  2. cheryl thomas Says: July 28th, 2009 at 10:13 pm

    I am inspired by this story about Angela Logan. I am so happy for her. I am inspired to try and found out what I can do to help my family and I financially. I am a writer and I would like to publish something. I write inspirational writings and poems.

  3. Tim Manni Says: August 3rd, 2009 at 11:28 am

    Cheryl,

    I’m glad you became inspired, thanks for reading our blog, we really appreciate your interest.

    Thanks,
    Tim

  4. Update1 ‘Mortgage Cakes’ Become Full-Time Job | Realty Estate News Says: August 31st, 2009 at 1:01 pm

    [...] [...]

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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