Walking away from your home is NOT a victimless option

That vacant house down the leafy suburban street is generating a backlash of buzz.

Its owners paid $800,000 for it, or $1.2 million, or $525,000, depending on the neighborhood. Rather than pay off the mortgage, the story goes, the affluent owners took advantage of the bank industry's newly cooperative habits, or desperation, and handed back the keys and the deed. No hard feelings.

The neighbors, though, are steaming.

Moral indignation is running high, along with the question: Is the mortgage on your home a commitment or just a business deal turned sour?

Read more in Laura Berman's Detroit News column 

(FYI - I am not a real estate broker - just a licensed agent) 

Mortgage Rates are down, some great opportunities out there

Believe it or not, it's a good time to be a mortgage broker again with rates hovering around 5% or so. I talked with Greg Bowman at WWJ Newsradio (950) in Detroit about it.

WWJ Podcast - Time to refinance?

Sometimes you just have to save yourself ......

While everyone continues to look to the federal government to rescue our beleaguered state - I think it's high time we started looking inward.  The Governor believes that Obama's economic stimulus package is somehow going to find its way to Michigan. Seriously. That's her plan for getting the state out of its economic tsunami (as my friend John Ziraldo likes to refer to it). 

One thing we could all do immediately is start backing our friends and neighbors by watching what we purchase and whose services we use. It goes deeper than buying American cars (which is a necessity). It goes to the very heart of supporting our friends and neighbors in our purchases. Case in point - Biggby. 

Born and raised in East Lansing, Biggby franchises (formerly the politically incorrect "Beaners") are not only owned by a number of former auto engineers, supplier executives and folks who've cashed out of the auto and manufacturing  industry to try something new, (and for some, a last hope) but the company itself uses only Michigan vendors. Now that's refreshing.  They're also popping up all over the place and one of the few franchise success stories around.

Now let me first state that I have two real vices left - cigars and coffee.  I've been a Starbucks addict for decades, but frankly have grown tired of having my money go to the corporate shirts in Seattle. Now, don't get me wrong, Seattle is a fine, wet city with its own economic issues, but I live in Michigan and so do the people I care most about. And while frankly, Biggby coffee is not nasty enough for me, (a'la Starbucks) it is a good cup of joe (especially when they roll out their Michigan Cherry, which I've begged the corporate folks to make available more than once a week)  and a little cheaper and for crying out loud, supports those same people I care most about (and you). 

This is just one example of a small way you and I can help this state, without a government handout. If we continue to buy online for stuff made in China, avoid the local franchisees and entrepreneurs in Michigan, shop at the national chains and buy foreign cars  - we deserve what we get. If you're unsure who is based where - check out the membership list of local chambers or - just ask.  Restaurants, coffee shops, clothes stores, hardware, etc. - they all have examples of Michigan-based entrepreneurs pulling and holding onto the purse strings. 

One big economic mess, one small step for Michigan's future. It adds up.