Well what a wonderful state I live in. Michigan. Wow. Everyone knows Michigan by putting their hand up like a mitten and that is Michigan. Want to know where someone lives in Michigan, we all put our hand up, and point to the where we live. So simple. If only jobs, economic growth, and home sales would be that simple. I live in a state where 1 in 44 in Oakland County, the 3rd richest county are currently in foreclosure. Multiple lenders have left our state because we are too risky of a state to get loans with anyone with blemished credit to get approved. The big 3 is the big demise in Michigan, the motor city is now the unmortgagable city. I have seen 2 execs in the same family with company cars, go in to work, only for them to not only lose their jobs but need to take a cab home to their $500,000 house that they are about to try to sell for $400,000 because they can't afford their payments. Their kids college funds just got liquidated to pay bills for a few months. The ripple effect of the auto industry is so deep, if auto employees are losing jobs, that means the auto suppliers that rely so heavily on the big 3 now must cut back, which means the local restaurants, bars, bowling alleys that also relied on the GM, Ford & Chrysler patronage to support their bottom line is also devastated. How quick a state can change. Sad. I am still in the mortgage industry and I feel like I should be charging by the hour on the horrid stories I have to hear from so many families that once had savings, equity, investments. Now I have to tell them because of change in guidelines, I cant even refinance their adjustable rate I gave them 5 years ago because their house that was $250,000, is now coming in at $210,000. Their LTV is too high to consolidate their bills that I used to be able to increase their cash flow everytime they called. I was the Mortgage Doctor! Now I am the Mortgage Dr. Kevorkian. Basically telling them that their adjustable rate that will increase their payment $300/month is the best I can do. Oh yeah, I know you were living paycheck to paycheck anyway, and I know foreclosures are at an all time high, but unfortunately, this is going to be the beginning.
Michigan went from everyone knows that when you put your hand up like a mitten to reference the state, to putting your middle finger up to reference our state. We still stay busy, still have loans to do, but still pains me to see the families we have helped throughout the years suffer so badly. Just needed to vent...and find a beer in the fridge....
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