Friday, October 22, 2010

Foreclosure quagmire

Michigan gubernatorial candidate Virg Bernaro came out today in favor of making Michigan one of the state that require court action before foreclosures can take place.

That would be a bad idea for a number of reasons.

Michigan already has too many pending foreclosures. Wayne County alone in October had 13,000 properties up for tax sale.

Our courts are already overcrowded, so adding this burden will make the court problem worse and slow the foreclosure process down even further.

Until all those homes that are not being paid for are foreclosed and then resold, the value of all the rest of the property in Michigan will continue to decline.

Most voters understand that, and the only votes Bernaro will pick up with this stance are the ones he already has.


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