The Martha's Vineyard Times
West Tisbury: Town sues to protect affordable covenant
WEST TISBURY --- The town has filed a complaint against a Texas-based mortgage company to safeguard the affordability covenant of a home, after its former owner foreclosed on a sub-prime adjustable mortgage. By the time of foreclosure, the home's mortgage balance was more than two and a half times the original mortgage and more than twice the maximum resale price allowed in the property deed's affordable housing covenant.