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Golf Outing to Help Property Facing Foreclosed Homes Listing

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By : John Cutts    99 or more times read
Equine Star Foundation owner Joan Tucker has been rescuing mistreated, retired or unwanted horses and keeping them in her farm in Oakland County, Michigan. But Tucker and her horses may soon lose their home since 2003 as the farm is facing foreclosure.

The growing foreclosed homes listing in Michigan has spread on the four corners of the real estate market, earning the state a spot as one of the top 10 across the country with the highest number of foreclosure properties.

In the first six months of this year, Michigan posted 60,786 foreclosure filings or one out every 74 households. Industry experts blamed the rising unemployment as the major cause of foreclosure increase in the state.

On her part, Tucker blamed the economic downturn for her foreclosure problem. She pointed out that the farm served as a place where children are being taught about horses. She added that the place provides a healing environment for those in pain and alcoholics and a roof for her horses. She said that she has until September 23 to save the property.

According to Tucker, her farm gets by from donations and volunteers. However, she noted that because of the recession, she received few donations and adoptions. She also noted the significant jump in the number of homeowners who are looking for a shelter for their horses when their properties were placed on foreclosed homes listings.

Tucker hopes that the golf outing scheduled on August 8 at the Highland Golf Club will be able to help her save her property from foreclosures.

According to Tucker, it cost nearly $250 monthly to feed and care each horse. When donations started to dwindle, she was forced to use her own money to buy the supplies. The maintenance on the property and farm is handled by volunteers.

She said that her total mortgage reached $3,400 monthly. She added that with loan modification, she will still need at least $3,000. Tucker explained that her farmís foreclosure was due to a messy divorce which left her unable to pay her monthly mortgage. She said she was trying to renegotiate her mortgage with her lender, Wells Fargo.

Tucker's sentiments are echoed by some horse farm owners who said that it is too expensive to care for horses and there is not enough donations to keep most of their operations open.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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