Foreclosures Soar
35,000 people have lost homes so far this year
Dorothy Bourdet / The Detroit News
Republished by Mark Maupin, National Real Estate Network www.megaeveningevent.com
Advertisement Avoiding trouble
Anyone connected with real estate or mortgage business stresses one fact: Your bank does not want to get your house back. If you can't make payments, contact your lender as soon as possible.
Most lawyers don't charge for first-time consults, so try to at least consult with a bankruptcy attorney and see what your options are before taking out a second mortgage.
If you're looking into buying a home or getting a mortgage, experts advise that mortgage payments should be no more than 25 percent to 33 percent of your take-home pay. If you suffer a short-term setback (expensive car repairs, a medical emergency), your lender may be able to provide breathing room by agreeing to let you pay off a missed payment in two installments over the next two months. For more advice, get an attorney or help from a credit/housing counseling agency like GreenPath Debt Solutions, (800) 550-1961; Homeownership Preservation Foundation, (888) 995-HOPE; or Detroit ACORN, (313) 963-1840.
Source: Detroit News research, Bankrate.com
Previous reports Metro area 6th in foreclosures Foreclosure business booms Defaults soaring in state Borrowers fret as more foreclosures loom David Coates / The Detroit NewsBrad Stefanko makes notes on properties during a foreclosure auction Tuesday at the Oakland County Courthouse in Pontiac. See full image • Printer friendly version • Comment on this story • Send this story to a friend • Get Home Delivery
Metro Detroit homeowners are skidding into foreclosure at nearly three times the rate as they were last year as a slumping economy, falling home values and risky mortgages leave more household budgets in the red.
From the manors of Bloomfield Hills to the bungalows in south Warren, Metro Detroiters in every walk of life are having trouble making their house payments and fending off the repo man.
According to figures to be released today by RealtyTrac, foreclosures shot up 137 percent, from 14,789 to 35,041, in Wayne, Oakland, Macomb and Livingston counties from January through August, comp
35,000 people have lost homes so far this year
Dorothy Bourdet / The Detroit News
Republished by Mark Maupin, National Real Estate Network www.megaeveningevent.com
Advertisement Avoiding trouble
Anyone connected with real estate or mortgage business stresses one fact: Your bank does not want to get your house back. If you can't make payments, contact your lender as soon as possible.
Most lawyers don't charge for first-time consults, so try to at least consult with a bankruptcy attorney and see what your options are before taking out a second mortgage.
If you're looking into buying a home or getting a mortgage, experts advise that mortgage payments should be no more than 25 percent to 33 percent of your take-home pay. If you suffer a short-term setback (expensive car repairs, a medical emergency), your lender may be able to provide breathing room by agreeing to let you pay off a missed payment in two installments over the next two months. For more advice, get an attorney or help from a credit/housing counseling agency like GreenPath Debt Solutions, (800) 550-1961; Homeownership Preservation Foundation, (888) 995-HOPE; or Detroit ACORN, (313) 963-1840.
Source: Detroit News research, Bankrate.com
Previous reports Metro area 6th in foreclosures Foreclosure business booms Defaults soaring in state Borrowers fret as more foreclosures loom David Coates / The Detroit NewsBrad Stefanko makes notes on properties during a foreclosure auction Tuesday at the Oakland County Courthouse in Pontiac. See full image • Printer friendly version • Comment on this story • Send this story to a friend • Get Home Delivery
Metro Detroit homeowners are skidding into foreclosure at nearly three times the rate as they were last year as a slumping economy, falling home values and risky mortgages leave more household budgets in the red.
From the manors of Bloomfield Hills to the bungalows in south Warren, Metro Detroiters in every walk of life are having trouble making their house payments and fending off the repo man.
According to figures to be released today by RealtyTrac, foreclosures shot up 137 percent, from 14,789 to 35,041, in Wayne, Oakland, Macomb and Livingston counties from January through August, comp
posted by Ralph Marcus (Mark) Maupin | 12:31 PM
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