Sick Detroit mom facing eviction fighting back with graffiti

[Fern]

-snip-
Tell me what you guys think?

Her mortgage doubled? WTH does that mean?

It seems clear she couldn't afford the house.

The notion of leaving it to her kids is absurd. There's no value there. Don't burden your kids, lady.

Time to apply for Medicaid and other govt assistance etc. Put your affairs in order for your kids and quite wasting time with this quixotic battle.

Fern

 

[cybrsage]

You have to sign and agree that they can/will sell your mortgage by law. Her fault for not reading and understanding what she was signing. Especially when dealing with probably the largest transaction/committments of most peoples lives.

Your defense of a mortgage company for predatory lending is noted.

 

[SheHateMe]

Her mortgage doubled? WTH does that mean?

It seems clear she couldn't afford the house.

The notion of leaving it to her kids is absurd. There's no value there. Don't burden your kids, lady.

Time to apply for Medicaid and other govt assistance etc. Put your affairs in order for your kids and quite wasting time with this quixotic battle.

Fern

So here is what it looks like to me. She purchased this house in 2005 after unknowingly falling victim to predatory lending. She was able to make her payments the first year but during the second year, her mortgage payments doubled and she was no longer able to afford her home. Apparently, the house has been in foreclosure for a few months and now the city is trying to take away her house.

Health issues aside, she fell back on payments not only because he mortgage rate doubled but also because she got laid off from her job and couldnt pay. I believe she was looking for work until she recently found out she had brain and lung cancer.

Shes just in a terrible situation, I understand her wanting to leave something for her kids..but they looked grown and they should probably just try to get out on their own and find something else.

In all honesty the bank doesnt really want that house. No bank wants a house like that in Detroit...they are just going to let it sit and go rotten before selling it again to someone like this woman for 75% less that what she bought it for. Thats how stuff works in Detroit.

Now, if you lived on the side of Detroit where all the nice homes are...thats a different story.

 

[Fern]

So here is what it looks like to me. She purchased this house in 2005 after unknowingly falling victim to predatory lending.
-snip-

The reason people choose those loans is because they cannot afford the monthly payments on a regular straight-up mortgage. I.e., that's why I say she never could afford it.

Also note when she purchased the house: 2005. I.e., she likely paid top $ for it and now it's value (after the housing crash) has substantially fallen. But this is a near universal problem, not one particular to her specific circumstances. IMO, she needs to move on from the house thingy as she has other, more pressing problems.

In any event, I'm willing to bet she can stay in that house for quite some time. People in many areas are pushing off foreclosure for extended periods and consequently remaining in their homes without paying for up to a few years.

She's unemployed, with a house almost certainly underwater and facing huge medical bills. I understand the desire for a parent to leave something to the kids, but under these circumstances that's an impossibility. In fact, without her medical problems it's currently still an impossibility.

Fern

 

[SheHateMe]

The reason people choose those loans is because they cannot afford the monthly payments on a regular straight-up mortgage. I.e., that's why I say she never could afford it.

Also note when she purchased the house: 2005. I.e., she likely paid top $ for it and now it's value (after the housing crash) has substantially fallen. But this is a near universal problem, not one particular to her specific circumstances. IMO, she needs to move on from the house thingy as she has other, more pressing problems.

In any event, I'm willing to bet she can stay in that house for quite some time. People in many areas are pushing off foreclosure for extended periods and consequently remaining in their homes without paying for up to a few years.

She's unemployed, with a house almost certainly underwater and facing huge medical bills. I understand the desire for a parent to leave something to the kids, but under these circumstances that's an impossibility. In fact, without her medical problems it's currently still an impossibility.

Fern

You're right. I forgot how worthless her house probably became after buying it in 2005.

My uncle actually just bought a 300k home in an affluent part of Detroit for HALF of what it was worth. It was a firesale for sure. Beautiful home in a lovely neighborhood...the owner just couldnt afford the mortgage and couldnt flip the house since it wasnt worth what they bought it for.