I was called for a listing appointment for a Northville Home about a year and a half ago.  They had their Northville home for sale because they had moved from West Bloomfield.   The West Bloomfield home had been listed for a year and still had not sold..  So they had to list their Northville home too.

I didn't get the listing a year and a half ago, because I told them they needed to lower the prices of the homes.  They had the homes listed with a relative.  So they decided they could lower the price and stay with the relative.  I also told them to consult with a bankruptcy attorney.  I thought one of their better choices was to let one of them go into foreclosure to save them from financial ruin.

Well fast forward a year and a half.  They stayed with the relative until 8 weeks ago.  They hired an agressive Michigan realtor.  They have been paying $4000 a month for a house they have not lived in.  They never went to see a lawyer to see the legal downsides of letting the house go into foreclosure.

The homeowner called me for advice.  They got an offer for $125,000 less than what they owe.  They wanted to know who would loan them the money.  I said credit cards or a personal loan from a bank if they could get it.  They no longer had enough equity in their Northville home to get a home equity   loan.

I once again told them they should consult an attorney and consider letting the Northville home or the other home go into foreclosure.  They are between a rock and a hard place.  They are not bad people.  They just got caught in the market downturn.  They have to make a hard choice.  Or they can continue to pay $4000 a month for a house they don't live in ..... indefinetely.    

Sure the Northville home will become just another one of Metro Detroit's foreclosures.  But I think that is their best choice.