New homes appraised too high, sold to those who can least afford it, are driving the high rate of mortgage foreclosures in Monroe County. The group fanned out throughout the 3,800-home Coolbaugh Township community, gathering copies of appraisals, settlement sheets and deeds to bring to local legislators and law enforcement officials. This is unbelievable, really unbelievable what is happening in this community.
People here are really angry and really frustrated.
Residents told stories of foreclosure, bankruptcy and divorce as a result of buying their homes for far above their market value, Silverstein said. Many of those affected are minorities who moved to the Poconos from the New York and New Jersey area. Raintree Homes, in letters to the Pocono Record prior to the publication of its series and after, denied inflating the market value of their homes. State Rep. Tom Tigue, D-118, has not been responsive to calls for help coming from his constituents, Silverstein said. Tigue represents Coolbaugh, Barrett, Price, Tobyhanna and Tunkhannock townships in Monroe County.