Pugh facing foreclosure on Brush Park Condo

**Artistic** · January-13-12, 02:38 PM

Jackasses are running this city - ridiculous!

People in Detroit have got to get these people out of places where they make decisions for city residents when they can not keep there own financial house in order. DISGUSTING!!!!

http://www.detroitnews.com/article/20120113/METRO/201130421/-Tough-choices-Pugh-walk-away-from-Brush-Park-condo?odyssey=tab|topnews|text|FRONTPAGE

**Danny** · January-13-12, 02:49 PM

Sorry Pugh! It was your decision to give up your Fox 2 News job to run a broken down Detroit city government. Just sell the condo and move a small apt. and pay cheap rent. You understand as mass communication person that society is pre-dogmatic structured and culturally baised. You have to fight the system to get what you want. Also once the E.M. and Synder, the Nerd's friends takes over your seat you're out! You might want to re-make your resume and get back to Fox 2 News. Your corporate friends will like to have you back reporting on bad news.

WORD FROM THE STREET PROPHET

The the 99 Percenters and Spirit of Guy Fawkes.

I miss you so Neda.

**401don** · January-13-12, 02:53 PM

[QUOTE=Danny;296855]Sorry Pugh! It was your decision to give up your Fox 2 News job to run a broken down Detroit city government. Just sell the condo and move a small apt. and pay cheap rent. You understand as mass communication person that society is pre-dogmatic structured and culturally baised. You have to fight the system to get what you want. Also once the E.M. and Synder, the Nerd's friends takes over your seat you're out! You might want to re-make your resume and get back to Fox 2 News. Your corporate friends will like to have you back reporting on bad news.

Not defending the idiot but selling is hardly an option.

**iheartthed** · January-13-12, 03:06 PM

Even if he could afford it [[and I think he can) it doesn't make sense to pay down a $400,000 mortgage for a condo that he probably can't even sell for $100,000.

**ndavies** · January-13-12, 03:14 PM

While Pugh maybe the the one hitting the news, Many of those units either have been and are being foreclosed on. The Units originally sold for between $175,000 and $400,000. They are now selling for Between $65000 to $100,000. The early adopters lost thier asses.

I was lucky, I had bought one of the smaller units for $195,000 in 2001. I sold it in 2008 for $211,000. The person who bought my former unit was foreclosed on last year. The unit sold for $65,000 this fall. I know of 5 other units in the building my unit was in, that were either foreclosed on or given back to the mortgage company. There are currently 2 units listed for short sales on Realtor.com

**bailey** · January-13-12, 03:26 PM

Originally Posted by ndavies

While Pugh maybe the the one hitting the news, Many of those units either have been and are being foreclosed on. The Units originally sold for between $175,000 and $400,000. They are now selling for Between $65000 to $100,000. The early adopters lost thier asses.

I was lucky, I had bought one of the smaller units for $195,000 in 2001. I sold it in 2008 for $211,000. The person who bought my former unit was foreclosed on last year. The unit sold for $65,000 this fall. I know of 5 other units in the building my unit was in, that were either foreclosed on or given back to the mortgage company. There are currently 2 units listed for shot sales on Realtor.com

Well, that place had a nice run of ..what? 10 years? How long until the scrappers descend on it?

**Wheels** · January-13-12, 03:30 PM

How can you be so hard on the guy. He bought into a city he loved at a bad time an got burned to a crisp! He is not the only sap out there who is way under water. Don't take this as a defence for his politics i'm just saying he got screwed.

**jolla** · January-13-12, 03:38 PM

Walking away because you're underwater is different than walking away because you can't make the payments.

Of course, he can't make the payments because he willingly gave up his higher paying job, so he's a dumbass.

**Novine** · January-13-12, 03:39 PM

If he paid $385,000 in 2005 and the units are now worth $80,000 - $100,000, in what world can there be any possibility of him being able to make that work?

**DetroitPlanner** · January-13-12, 03:45 PM

Originally Posted by Wheels

How can you be so hard on the guy. He bought into a city he loved at a bad time an got burned to a crisp! He is not the only sap out there who is way under water. Don't take this as a defence for his politics i'm just saying he got screwed.

I think the issue is buying a house that would be unaffordable, then taking a job that pays a fraction of what he was making. He made a poor decision to do this. If he had put down 20 percent, he would have a $308k mortgage. His mortgage is higher than that. This means even when he was making the big bucks he took out a mortgage that was going to be less than prime and add PMI. You would think that someone who made that kind of dough should have been more on the ball, but too many look at the monthly payment and not the overall cost. If he put more down, he would have been able to pay off the mortgage faster, yet after seven years of ownership he still had no equity in the place.

He does not have the money to pay the taxes, the association fees. If he was wiser with his checkbook when he was making the big bucks he would have been able to refi back in 2009 and avoided this the first time!

Bottom line is he took a risk, and did not cover himself. I'd never buy a house like that.

Buy American · January-13-12, 03:48 PM

Charles Puke is a disgrace to Detroit. This isn't the first time he has had financial trouble that's been reported in the news media. He is the President of Detroit Common Clowncil and sits on his throne spouting his advise to workers and taxpayers on how to balance budgets when he can't control his own personal one. He needs to step down because he's a laughable joke right now. Of course, I think there are two or three on the clowncil right now who are also into or near foreclosure as well. Detroit will never make a comeback as long as these jokers are in positions of authority and can make or break it.

Incidentally, look at his clothes...he buys expensive all the way around. Priorities are screwed up.

He's blaming the fact that he took a pay cut for his problems...way to go Puke. Now, ask the jr. clerk or a sanitation worker or a police officer to start paying for healthcare and take a higher pay cut than you did, see how that works.

**SWMAP** · January-13-12, 03:53 PM

So, Charles Pugh joins Saunteel Jenkins and Kwame Kenyatta on the list of Detroit City Council members who borrowed money for a house and propose to not pay it back because its too hard and "makes no sense."

**1953** · January-13-12, 03:55 PM

Its disgraceful that the city council president in one of America's biggest cities is so poorly prepared to manage finances.

**Scottathew** · January-13-12, 04:00 PM

Originally Posted by 1953

Its disgraceful that the city council president in one of America's biggest cities is so poorly prepared to manage finances.

I agree. I think he's not qualified to hold the position. Detroit voters knew he was having financial issues when was voted in. I don't think this will change their minds though. Sadly, I think some people identify with the issues he's having, rather than look down on them.

**Danny** · January-13-12, 04:09 PM

When Detroit take over by Snyder, the Nerd's army. Pugh and other Detroit city leaders will be long gone. It's going to over real soon. Just like KING KWAME'S SEX TEXTS!

**Kevgoblue** · January-13-12, 04:22 PM

Originally Posted by Novine

If he paid $385,000 in 2005 and the units are now worth $80,000 - $100,000, in what world can there be any possibility of him being able to make that work?

All he has to do is put up the For Sale sign. When he eventually gets someone to buy it [[say in the $85K range), he just needs to go to closing with a check for $300,000.
Problem solved!

**antongast** · January-13-12, 04:26 PM

Originally Posted by Kevgoblue

All he has to do is put up the For Sale sign. When he eventually gets someone to buy it [[say in the $85K range), he just needs to go to closing with a check for $300,000.
Problem solved!

Who would benefit from that, other than Bank of America?

**1953** · January-13-12, 04:33 PM

Who would benefit? -The millions of people who own Bank of America shares or are impacted by their profitability on a daily basis?

BOA may be a company, but its money belongs to and is relied on by real people.

**antongast** · January-13-12, 04:38 PM

Originally Posted by 1953

The millions of people who own Bank of America shares or are impacted by their profitability on a daily basis?

It's on Charles Pugh to take a personal hit to his finances so Bank of America's shareholders don't have to?

**SWMAP** · January-13-12, 04:42 PM

Decent, honorable people who borrow money pay it back. Even if they lost money on the investment thay made with it.

**SWMAP** · January-13-12, 04:45 PM

Maybe it would be different if he had kids to support, tuition payments, etc. But he just appears to have himself.

**antongast** · January-13-12, 04:51 PM

Originally Posted by SWMAP

Decent, honorable people who borrow money pay it back. Even if they lost money on the investment thay made with it.

This view only makes sense if you fell asleep sometime in 2006 and are just now waking up. Bank of America and other similar institutions played havoc with the housing market, and their actions directly led to every ordinary homeowner in America taking an absolute fucking bath on their investments. Even now, they're refusing to work with people who can't pay back their mortgages, because they'd rather own a bunch of empty houses that nobody wants than lose a little money and let homeowners who want to stay keep their houses. They also got massive bailouts from the government that helped them return to profitability almost immediately after crashing the entire economy, and they've largely been sitting on that money rather than loaning it out again and helping to reinvigorate the economy. If Bank of America loses a couple hundred grand on Charles Pugh's mortgage [[chump change in the context of their profits, btw), I'm certainly not going to shed any tears for them.

**Bham1982** · January-13-12, 05:18 PM

Originally Posted by Novine

If he paid $385,000 in 2005 and the units are now worth $80,000 - $100,000, in what world can there be any possibility of him being able to make that work?

I can't really be too disappointed in him walking away. He doesn't really have options.

I am amazed, however, that folks were paying 400k for cheap looking suburban-style townhouses back in 2005.

80k sounds about right for one of those. Maybe even a little on the high side.

**Islandman** · January-13-12, 05:27 PM

Second that, but I don't feel sorry for him one bit.

There are plenty of other people that have responsibilities [[child support, etc.) that would get laughed at trying to get a loan even for a place like this. Plus the 11 eviction notices for non-payment at Trolley Plaza? Please.