Homeowners defaulting more

Homeowners defaulting more

There are 6 comments on the Ann Arbor News story from Feb 28, 2006, titled Homeowners defaulting more. In it, Ann Arbor News reports that:

Add it up: Analysts agree these are among the best times ever to buy a house. Sale prices are rock bottom, and interest rates remain fairly low.

Join the discussion below, or Read more at Ann Arbor News.

renaldo chingman

Saginaw, MI

#1 Feb 28, 2006
this comment was meant for the ballot box, it is too easy to buy a house, especially because of the new programs for first time home buyers, but due to the economy it's next to impossible to keep them, i lost my job due to plant closure in 2004 (gallade technologies) and now there are no jobs that even come close to what i used to earn. however the employees at delphi are just threatened and our govenor is ready to jump. where was the help when the small plants close, i'm very dissappointed in the way this state responds to the many and not the few, as i am now facing forclosure on my home, thank you
renaldo chingman

Saginaw, MI

#2 Feb 28, 2006
i'm from saginaw, mi not auburn
Sleepin thru it

Orlando, FL

#3 Mar 3, 2006
THE ANSWER IS:
Move to Florida, become a Realtor (should have done that 20 yrs ago). Can't depend on the govt to help you out down here either.
Ben

Miami, FL

#4 Mar 3, 2006
I grew up in Saginaw, and worked in the mortgage business for several years. I saw many loans that were done, that SHOULD NOT HAVE BEEN DONE. It was sad. My company did not do ANY of the "outside the box" loans, such as interst only, negative amortization, and all the other alternative financing options that are available today. I also had a bit of moral responsibility and did not do loans for clients that I knew could not afford the payments. There are a lot of crooked people in the mortgage business. I eventually lost my job, due to my lack of production, not doing loans that I felt were unjust to the borrower. I have since moved to Florida, and now work for a mortgage company that allows me to do loans for people that are fair, just, and beneficial to the borrowers and I have no worries about my job security. I feel for Renaldo, I am sorry to hear of your struggles.
LOCKDOWN

Washington, DC

#5 Mar 5, 2006
By the bank's appraiser my home is worth $100,000 - By the Reality Company it is worth $$129,000 - By the township assesor and the state of MICHIGAN it has a market value of $132,800. Would someone from the government PLEASE buy my home for what you say it is worth !!! If only my wages would go up at the same rate the tax man figures his rates. If it keeps up the bank will own all the realestate by default and so the downward spiral begans. HAVE A NICE DAY !
Ben

Miami, FL

#6 Mar 7, 2006
LOCKDOWN wrote:
By the bank's appraiser my home is worth $100,000 - By the Reality Company it is worth $$129,000 - By the township assesor and the state of MICHIGAN it has a market value of $132,800. Would someone from the government PLEASE buy my home for what you say it is worth !!! If only my wages would go up at the same rate the tax man figures his rates. If it keeps up the bank will own all the realestate by default and so the downward spiral begans. HAVE A NICE DAY !
That is exactly the opposite of the situation that people find themselves in down here. My house, for example, which I rent, I do not own, is arguably worth $400k. The county's assesed value is $250k (approx). The thing is down here, that guys like me, who can afford to buy a houe in Michigan with the money that I make, and pay for rent herr, can only afford to buy a home in the questionable areas down here. I could write a loan on interest only, deferred interest type programs, but it will be a cold day in hell before I do that. I will continue to rent, and with a little luck, the market will slow down to the point that I can buy a home in a respectable neighborhood, for a reasonable price.. Wishful thinking I might add... further down the spiral!!!

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