The Million Dollar House of MC

I realize this is an inside Marine City joke, but it's been going on for months now? A cool mill? Is Jimmy Hoffa buried there?

That aside, it's no wonder people are losing their homes left and right....

I'm looking at some Marine City SEVs on the St. Clair County site and comparing it to the current FOR SALE price over on Realtor.com.

Invariably, the sale prices exceed, by THOUSANDS, the doubled SEV, which is standard for most financial institutions.

Do these owners REALLY believe they will get that inflated price?

Every day, I get calls from people who DESPERATELY NEED to refi. I feel so badly for those who are in their 60s and 70s and need to take out a 30-year mortgage. Or worse, they have already tapped out their equity and we can't touch them with a 10-foot pole.

I hear from couples on the brink of foreclosure. They bought the house based on 2 incomes, but kids came along and they went down to 1 income or spend the 2nd on childcare and diapers and baby food.

It makes me so glad we never went the "more kids" route.

When we moved into our then-new house, we automatically had equity. A few years later, we refi'd and took out a small home equity loan to build our pole barn. That structure actually added DOUBLE the equity loan to our home's value!

And we are done using our house. I want to have it paid off in 10 years, so it won't do to owe even more!

The Last of Sheila (Coburn)