Schedule a Showing/Request Info Taylor Homes For Sale Wayne County Homes For Sale What Is Your Home Worth? JERALD PITTMAN NATIONAL REALTY CENTERS, INC 734-320-6718 lepitt@nationalrealtycenters.com MLS#: 212009496 Information valid for the date of this posting only. Please contact us for the most current information and status of this property.

9815 MORTENVIEW DR TAYLOR, MI Scan with your smartphone & take me with you. Description Features Photos Maps & Local Schools PROPERTY VIDEO For 24 Hour Information: 888-866-9430 x 9815 $ Click for current price 3 BEDROOMS 1 BATHROOMS (1 full) 2740 Square Feet Welcome to this spacious 3BR, 1-1/2 story ranch on beautiful Mortenview Dr in Taylor! Boasts a 1.8 acre lot and a three car, 37 x 24 garage with a handyman`s area. Enjoy hardwood floors, huge family room, and an unfinished 2nd floor awaiting your touch. A 2 year old water heater, 3 year old furnace, and a jacuzzi tub in the gorgeous bath. New siding and windows make this one a real find. Short sale, subject to bank approval. Don`t miss out! BATVAI L2L Property Websites AR

For 24 Hour Information: 888-866-9430 x 9815

Quick Links Taylor Homes For Sale Wayne County Homes For Sale What Is Your Home Worth? See Property Details Call: 734-320-6718 for more information on this or any other property. Information valid for the date of this posting only. Please contact us for the most current information and status of this property. Visit Property Website Courtesy : JERALD PITTMAN lepitt@nationalrealtycenters.com 734-320-6718 Welcome to this spacious 3BR, 1-1/2 story ranch on beautiful Mortenview Dr in Taylor! Boasts a 1.8 acre lot and a three car, 37 x 24 garage with a handyman's area. Enjoy hardwood floors, huge family room, and an unfinished 2nd floor awaiting your touch. A 2 year old water heater, 3 year old furnace, and a jacuzzi tub in the gorgeous bath. New siding and windows make this one a real find. Short sale, subject to bank approval. Don't miss out! BATVAI 9815 MORTENVIEW DR, TAYLOR, MI 48180 3 Bedrooms Bathrooms: 1 full List Price : Get Current Price Living Area Approx : 2740 I want to see this property. Join Us On Facebook!

powered by Listings-To-Leads L2L Listing Flyer AR

Are you planning or thinking of walking away from your Metro Detroit mortgage? I just read a blog about how 17% of the foreclosures are people who could pay their mortgage yet walked away from the mortgage. At the bottom somebody commented that it was stupid to do that. I wanted to disagree with the commenter but then after really doing the math I realized the commenter was right in one aspect, but not all.

I am going to use my own example. And I am going to use the premise that Detroit properties are not going to really start increasing in value for 10 years. I myself honestly believe that we may be in a flat line appreciation for anywhere from 5 to 10 years because of Metro Detroit's economy

I myself have a Metro Detroit property that I bought at the peak or almost the peak in 2003. The Canton duplex has lost 33% of it's value or more. So it is going to take me ten years to be at the break even point. Where my property is worth what I owe on the mortgage. That's a scary thought.

Looking at an amoritization schedule:

Is is going to be somewhere in 2019 that I will be at the $100,000 what it is worth today.

Stay in home Amortization Schedule YearInterestPrincipalBalance 2003 $4,319.33 $1,046.28 $156,453.72 2004 $8,550.53 $2,180.68 $154,273.03 2005 $8,427.52 $2,303.69 $151,969.34 2006 $8,297.57 $2,433.64 $149,535.70 2007 $8,160.30 $2,570.91 $146,964.79 2008 $8,015.28 $2,715.93 $144,248.85 2009 $7,862.08 $2,869.13 $141,379.72 2010 $7,700.24 $3,030.98 $138,348.74 2011 $7,529.26 $3,201.95 $135,146.80 2012 $7,348.65 $3,382.56 $131,764.23 2013 $7,157.85 $3,573.37 $128,190.87 2014 $6,956.28 $3,774.93 $124,415.94 2015 $6,743.35 $3,987.87 $120,428.07 2016 $6,518.40 $4,212.81 $116,215.26 2017 $6,280.76 $4,450.45 $111,764.81 2018 $6,029.72 $4,701.49 $107,063.32 2019 $5,764.52 $4,966.69 $102,096.62 2020 $5,484.36 $5,246.85 $96,849.77 2021 $5,188.40 $5,542.82 $91,306.96 2022 $4,875.74 $5,855.47 $85,451.48 2023 $4,545.44 $6,185.77 $79,265.72 2024 $4,196.52 $6,534.69 $72,731.02 2025 $3,827.91 $6,903.30 $65,827.72 2026 $3,438.51 $7,292.70 $58,535.02 2027 $3,027.14 $7,704.07 $50,830.95 2028 $2,592.57 $8,138.64 $42,692.31 2029 $2,133.49 $8,597.72 $34,094.59 2030 $1,648.51 $9,082.70 $25,011.88 2031 $1,136.18 $9,595.04 $15,416.85 2032 $594.94 $10,136.27 $5,280.57 2033 $85.03 $5,280.57 $0.00

So if it was an average homeowner in that situation they would be making $10,730 worth of payments for 10 years. About $107,000 in money thrown away to the banks.

But if the homeowner walked away they would be in better shape in the first three years. They would have a minimum of 9 months of free rent. So $9,000 profit. Then they should be able to rent cheaper than they were paying for a mortgage. But that will only wash with what they are losing in income tax deductions.

But in 3 years after the foreclosure you can get a FHA mortgage. So basically in 4 years you can buy a house for the same price you would have owed on the mortgage ten years down the road. At the end of ten years the walk away guy would be better off.

Walk away Amortization Schedule

YearInterestPrincipalBalance

2013	$3,242.60	$549.81	$99,450.19
2014	$6,430.27	$1,154.55	$98,295.65
2015	$6,352.95	$1,231.87	$97,063.78
2016	$6,270.45	$1,314.37	$95,749.41
2017	$6,182.42	$1,402.40	$94,347.01
2018	$6,088.50	$1,496.32	$92,850.70
2019	$5,988.29	$1,596.53	$91,254.17
2020	$5,881.37	$1,703.45	$89,550.72
2021	$5,767.28	$1,817.53	$87,733.18
2022	$5,645.56	$1,939.26	$85,793.93
2023	$5,515.68	$2,069.13	$83,724.80
2024	$5,377.11	$2,207.71	$81,517.09
2025	$5,229.26	$2,355.56	$79,161.53
2026	$5,071.50	$2,513.32	$76,648.21
2027	$4,903.18	$2,681.64	$73,966.57
2028	$4,723.58	$2,861.23	$71,105.34
2029	$4,531.96	$3,052.85	$68,052.49
2030	$4,327.51	$3,257.31	$64,795.18
2031	$4,109.36	$3,475.46	$61,319.72
2032	$3,876.60	$3,708.22	$57,611.51
2033	$3,628.25	$3,956.56	$53,654.94
2034	$3,363.28	$4,221.54	$49,433.40
2035	$3,080.55	$4,504.26	$44,929.14
2036	$2,778.89	$4,805.92	$40,123.22
2037	$2,457.03	$5,127.78	$34,995.43
2038	$2,113.61	$5,471.20	$29,524.23
2039	$1,747.20	$5,837.62	$23,686.61
2040	$1,356.24	$6,228.57	$17,458.04
2041	$939.10	$6,645.71	$10,812.33
2042	$494.03	$7,090.79	$3,721.54
2043	$70.87	$3,721.54	$0.00

But in the long run it is not smart. You see it would be 2013 when the walkaway guy got his new home. He wouldn't be paid off on a 30 year mortgage until 2043. Where I will be paid off in 2033. Ten years earlier than the walk away guy. That's just one of the financial pluses to stay in your mortgage. I won't have bad credit for 3 years.

On the other hand until 2022 mr. walkaway would be better off when selling his house over the home owner that stayed in it. Mr. Walkaway would net more selling in the first ten years. Especially in the first six years. So until 2022 Mr Walkaway would make more money.

So the bottom line is financially you will be better off if you stay in the house over 20 years as compared to the walkaway person. If you plan to stay in one house keep paying the mortgage.

If you have bought in a bad area, or are financially over your head then it may pay to walk away. It may pay to walk away if you plan to sell in the next 14 years. Especially the next ten. But the goal of any homeowner should be to pay off your mortgage as soon as possible. If you can hang in there and pay down your mortgage and live below your means. A smaller house than your friends may help you live a more enjoyable life with the extra money you save in payments.

What ever you do Plan and think about it before walking away from your Metro Detroit mortgage.

Just food for thought.

Russ Ravary your Metro Detroit real estate agent.

You don’t want to miss the April 23^rd event at the Downriver Campus.

WCCC and NREN are once again sponsoring this week’s Mega Evening Event to provide the opportunity to hear from a panel of experts.

Topic: Tips on Starting Your Own Home Business and Creating a Virtual Office

When: April 23, 2009

Time: 6-7 pm Networking

7-9 pm Meeting

Where: Wayne County Community College

Downriver Campus

21000 Northline Road

Taylor, MI 48180

We all know that the current condition of the American economy has caused many people to lose their jobs. Economic changes have lead many people to go into business for themselves, but statistics show that most new businesses fail within the first three years. This, however, is no reason to allow that to end your dreams.

Lay-offs, cutbacks, pay cuts and reduced benefits have caused financial hardship for many hard working, responsible people. But if you are one of the many people affected by these situations, and have decided that a home-based business is your ticket to improving your income problem, then a good business plan, focus and networking with other people who are successful will increase your chances of success.

This week’s event is going to include a panel of business owners that are going to share some great tips as well as answer your questions on setting up and running your at-home business. These individuals have learned to create and use their own systems to aid them in building their income.

Among the speakers will be Bob Brabb who is a very successful real estate investor who has created a system for his business that is the picture of “virtual office”. He uses his phone, fax, and email in such a way that he can be anywhere and have access to all of these office tools – and be able to share them with his employees at the same time. Now that’s communication at its finest!

Bob has been a guest speaker in Mark Maupin’s Internet Marketing Class as WCCC and explained to the students exactly how he has exploded his business by using the tools – and by paying pennies instead of dollars for these services. If you want to cut your office expenses, and learn from an expert, than you shouldn’t miss this Thursday’s event.

For contact information for this event, go on to the NREN website www.megaeveningevent.com.

Topic: Tips on Starting Your Own Home Business and Creating a Virtual Office

When: April 23, 2009

Time: 6-7 pm Networking

7-9 pm Meeting

Where: Wayne County Community College

Downriver Campus

21000 Northline Road

Taylor, MI 48180

The current condition of our economy has caused many to lose their jobs. Lay-offs, cutbacks, pay cuts and reduced benefits have caused financial hardship for many hard working, responsible people.

Economic changes have lead many people to go into business for themselves. Current statistics show that most new businesses fail within the first three years; however, there is no reason to allow that to kill your dreams.

A good business plan, focus and networking with other people who are successful will increase your chances of success.

This week’s event will include a panel of business owners that are going to share some great tips as well as answer your questions on setting up and running your at-home business. These individuals have learned to create and use their own systems to aid them in building their income.

Among the speakers will be Bob Brabb who is a very successful real estate investor who has created a system for his business that is the picture of “virtual office”. He uses his phone, fax, and email in such a way that he can be anywhere and have access to all of these office tools – and be able to share them with his employees at the same time. Now that’s communication at its finest!

Bob has been a guest speaker in Mark Maupin’s Internet Marketing Class as WCCC and explained to the students exactly how he has exploded his business by using the tools – and by paying pennies instead of dollars for these services. If you want to cut your office expenses, and learn from an expert, than you shouldn’t miss this Thursday’s event.

For contact information for this event, go on to the NREN website www.megaeveningevent.com.