$100 Raffle Tickets for this home in SW Detroit
Elizabeth “Liz” Burgos is looking for someone that is in need of a good home to raise their family. Her family with 3 children is trying to get to Germany to reunite with her husband who was deported from the US in 2010. Her goal through the raffle is to sell 300 tickets and raise $30,000 to clear the banknote remaining on the house and send her safely on her way by October 16, 2012. Check the Facebook event for details.
The 1,900 square foot home was built in 1917 was bought for $50,000 and $30,000 was borrowed for renovations.
Detroit Housing Situation
Many homes in Detroit have gone through a huge drop in value due to the predatory lending practices of the banks. There are a number of very dedicated activists asking for a bailout through a moratorium on foreclosures and evictions combined with an adjustment in base value for homes due to the collapse of the housing market due to the banks which were bailed out.
National Settlement of Foreclosure Complaints
A $25 billion national settlement will enable about 148,000 mortgage customers in Michigan whom have been foreclosed on receive a payment. This is barely a bandage for a limited few in a situation where many already have lost their home. Find out more about that settlement at www.nationalmortgagesettlement.com. Also check out this story at American Banker analyzing the situation.
Lucky Home Winner To Be Announced
This raffle puts the title for the home in the name of the raffle winner without encumbrances, fully paid off. This is simply going to be a dream come true for some lucky winner of the raffle.