Many foreclosures occur everyday, and it happens anywhere around the globe. This may be due to unforeseen circumstances that are unavoidable and many homeowners lose their homes to lender-banks. What they don't know is that this may be just the beginning of a financial tsunami in their life.

With many expenses to take care of, many individuals lack money to finance daily expenses. People having bad credit often resort to secured loans. They use their homes as collaterals, and in the event of non-payment, the bank can seize their home. This is a very bad situation, as the entire family is affected. And not only that, you can expect more financial troubles to come after your home is repossessed.

This is already a common situation in Michigan. The months June and July are a period where 92,000 homes in the state entered foreclosure. Michigan was really hit hard, and local residents are helpless. Even if they want to keep their homes for their family's sake, they can't meddle with the government or bank's affairs. They signed a contract, and since they can't fulfill their part, it would cost them their homes. If they only knew that this was going to happen, they should not have used their homes as collaterals, or yet, they should never had the loan in the first place.

Late September is also a hard time in this state where 250 single-homes, all bank-owned, including duplexes and condos hit the so-called auction block. This is because the state's auto industry crushed many families through mass lay-offs. The housing market was greatly affected because the families weren't able to pay for their bank dues. And after this grave event, another mass lay-off is about to occur. Many banks are already making an inventory of their repossessed properties.

Out of the 250 homes, 150 of it lie 60 miles within Detroit. The rest of the properties are scattered all throughout Michigan; and this includes the upper rural peninsula.

Prospect buyers may find it a good deal since the sellers provide and pay for property insurance, which means that winning bidders are ensured to get repossessed homes free of liens, back taxes, and encumbrances.

You can see all the repossessed homes online, and can even place your bids. The estimated price of the homes ranges from fifteen thousand dollars to four hundred fifty thousand dollars. Michigan is largely dependent on its auto businesses, and together with other midwestern locales, they have pounded prospect homebuyers and the real estate market.

Michigan and other Midwest places are undergoing 'auto-wreck', and if this continues, many people are bound to suffer. The state therefore needs to make an action now. They must be able to generate new jobs for their local residents and don't depend entirely on the auto industry. Businesses come and go, and if the state doesn't do anything, many families will lose their homes.

Having a comforting home is important, and it's a basic necessity that should not be taken away. But if the people can't pay for their dues, they banks will not bend it's rules just to accommodate their grievances.

This can serve as a lesson to the people about getting loans and other payables. Although they are victims of the situation, they have responsibility over their expenditures. So while you have the money, save and spend wisely.

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