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$760,000 home for a 26 year old making $15.00 per hour. [View All]

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Liberal_in_LA Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-28-07 02:13 AM
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$760,000 home for a 26 year old making $15.00 per hour.
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http://www.detnews.com/apps/pbcs.dll/article?AID=/20071128/BIZ01/711280404

Wednesday, November 28, 2007

Foreclosures in Shelby Twp. neighborhood raise suspicions

Mike Wilkinson / The Detroit News

SHELBY TOWNSHIP -- Dan DeKubber was a construction worker making $15 an hour when he says his boss suggested he buy a home. Not just any home, but a 3,800-square-foot, four-bedroom house in the northern Macomb County suburbs.

Price: $760,000.

Just 26 years old and single, DeKubber had neither the money nor the need for a McMansion.

"How can I possibly get the loan?" he asked John H. Floyd. Floyd assured him that he'd help DeKubber prove he earned enough to warrant the loan and also suggested that he'd make a $30,000 profit when he resold the house, DeKubber claims.

A year after the deal was done, the home is in foreclosure, DeKubber's credit is destroyed and soon, he says, he'll be evicted.

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