The foreclosure crisis has hit Michigan as hard as any state.
Like my boat after a rainstorm,
most Michigan homes with a mortgage are underwater, that is, worth less than what is owed
on them.
Uh, this is not newsworthy.
Just today, spoke to a former client who is 64, yes, sixty four months behind on his home, and
the foreclosure process is just starting. He owes over half a million, yes, $500,000, dollarrs on
a home that may be worth $200,000.
Then a prospective client from Detroit calls. Trying to get a loan modification to avoid foreclosure, pursuant to his rights under Michigan’s foreclosure law.
House worth maybe $12,000, owes $112,000 on the first mortgage alone, another $40,00 on the
second mortgage. Wife works part time, and they both get pensions. And their neighborhood is
no longer safe.
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