Posted: 2/13/2007 11:05:56 AM EDT
1 in every 132 homes is currently in foreclosure here in Michigan.
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State employees are asked to work one day a week off of the clock.... Farmers are denied Tax relief because state revenues are dwindling...and Farm Revenues are the last reliable source.... "At this point we cannot afford the loss of revenues on a statewide level". Ground Water usage for irrigation is to be reported and taxed..... Blown away here in Van Buren County as well! S-28 (Eddinberry Farms) |
Good point. No, I am not blaming her for what is going on under her watch. Not at all...  Why would I ever expect anyone to take personal responsibility? I just wonder when the 4 years is going to start.  The rest of the country is booming. |
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A lot of factors have lead to this. The problem is that the top official in Michigan Government hasn't got a clue on how to ease the situation. Her "solution" will only make it worse and extend it for a longer period. I don't blame her for the problem. I blame her for not having a clue on how to end it. |
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No, of course it's not Grandmole's fault. It's the fault of <<INSERT NAME OF PREVIOUS REPUBLICAN OFFICEHOLDER HERE>>, everybody knows that. Thank God for Grandmole, she's doing a fabulous job just "fixing" all of the problems she got stuck with by <<INSERT NAME OF PREVIOUS REPUBLICAN OFFICEHOLDER HERE>>! horse.gif You know, if Lincoln was the last Republican in the Oval Office, he would be blamed by the Democrats for some situation. If Gov. Kinsley S. Bingham, Republican 1/3/1855-1/5/1859 was the last Republican in Lansing, he would be blamed by Grandmole for the current economic situation in this State. Democrats: First to take the credit, NEVER take responsibility, tax everyone into submission, kill your cow and force you to drink from the gummermint teet instead.hrilled www.mi.lp.org |
This is due to a disclosure law here in Michigan so the 1st lien holder can say "You see, we attempted to alert all parties that may have an interest in the property." Once it hits there, 100's of realtors and mortgage brokers flood the home. |
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The massive amount of foreclosures is due to predatory lending practices by loan brokers. PERIOD. That is the largest crime organization going now. Loan officers are NOT regulated by anyone and not responsible for anything if a loan goes bad. Ever wonder why you hear so many ads on the radio for refinancing??? I am a real estate appraiser and have seen a lot of this lately. In fact, I appraised several homes in Grosse Pointe that the loan company claimed were worth $4.5 million dollars each.. In all reality, these homes were worth between 1 and 2 million. I can smell a real estate scam a mile away. I told them they were not worth 4.5 million and walked from the job. Many months later this company was raided and busted by the FBI for mortgage fraud and was even on the television news in Detroit. Now, this is an extreme example, but in most situations if someone owns a $100,000 house, the loan officer will try to get an appraiser to appraise the house for sometimes up to $120,000. Then, if they loan on an 80% ltv, the homeowner can get a $100,000 loan. In reality, it's not an 80% LTV, but a 100% LTV because the home really is only worth $100,000. Now what happens is Joe Homeowner can't pay his mortgage so he goes to sell the house. Woops. He now has to sell the $100,000 house for $110,000 to pay the Realtor and some closing costs for the buyer. herein lies the problem, he can't get $110,00 for it because it's only worth $100,000. He can't lower his price because then he will not be able to pay the mortgage off with the sale. Oops. Screwed by the loan officer. The house sits on the market for a few more months until the bank decides their done playing games and they take the house back. Foreclosure time. I have seen this literally hundreds and hundreds and hundreds of times the last few years. In the same time I have seen very few foreclosures on commercial properties in comparison. Why? Because banks that loan on commercial properties are far more involved in the process and pay more attention to what's going on and also pay more attention to the appraised value and who the appraisers are that are doing the work. |