The Detroit News reports: Detroit councilman Kenyatta, candidate for mayor, defaults on mortgage.
Kwame Kenyatta, a city councilman and newly announced mayoral candidate, and his wife have handed the bank the keys to their North Rosedale Park house and walked away from the mortgage.
The councilman said the couple moved out in December and decided to default on their mortgage after unsuccessfully seeking a solution with a mortgage company. He said they considered selling the house at a loss and turning over the deed to the mortgage company in exchange for forgiving their debt. Kenyatta said the house goes up for a foreclosure sale in April.
Kenyatta and his wife walked away from a monthly tax, insurance and mortgage payment of $2,600, one year before the interest would jump to 11.625 percent from 6.625 percent and the payment would hit $3,600. Kenyatta said that even though his monthly payment has remained the same for years, he felt it made no sense to remain in a house whose value had plummeted to $100,000.
That whooshing sound, that's deflation!
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