7/27/2019 Foreclosure_Hot Topic. Oct 3
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Our homes. Our streets.
HOT TOPIC:FORECLOSUREWe are
District 6
Why Foreclosure?
Photo Credit: Freep.com
I
n 2008 it was reported that Detroit was leading the country in
fore-closures of 100 cities in the United States. Families were
losing their
homes at 4 times the national average. [1]
Although it has been reported that the foreclosure rate has been
decreas-ing, families are still struggling to stave off the threat
of foreclosure bytax or by the banks. In Michigan, for every 293
homes, one is being fore-closed on in 2013. [2]
The issues are compacted in Detroit. When a home is vacated, it
weakensa block by leaving the house empty and potentially stripped
for copperpiping, electrical wiring, or it is occupied by unwanted
elements. Of all
the near 10,000 homes in the foreclosure process throughout
WayneCounty, about 30% are left vacant. [3] This is 10% higher than
most oth-er places. Detroits bankruptcy will only make this
worse.
Foreclosure by Advertisement
The primary method of foreclosure inMichigan involves what is
known as anon-judicial foreclosure. This meth-od does not involve
the courts. This
type of foreclosure process is alsocalled foreclosure by
advertisement
because it requires public notices to beposted on the property
and in thenewspaper.
In accordance with the new Michiganstate law (effective July 5,
2009) re-quiring pre-foreclosure negotiations
between servicers and homeowners, ifa mortgage servicer is not
willing to
work with a homeowner, the ownerhas the right to demand a
judicial fore-closure through the courts. [4]
DETROIT CITY COUNCIL DISTRICT 6 CANDIDATES FORUMTUESDAY OCTOBER
8, 2013, 5:30-8PM
LIGHTHOUSE ACADEMY , 4001 29th St. [north of Michigan Avenue,
south of Buchanan]
RAQUEL CASTAEDA LOPEZ and ISAAC ROBINSON ADDRESS THE ISSUES
