Allen Park, MI Divorce Buyout in Michigan
Since 1979 Somerset Investors Corp. Co. has been considered a leader in the residential mortgage lending business and is currently licensed in 26 states, including Michigan, offering its expertise in many of the circumstances that life brings to many homeowners. In most cases Somerset has been able to provide lower payments for the spouse remaining while giving large cash outs to the other. Our Divorce Buyout Loan Specialists work with you to determine how much of a loan you need and what it will cost to refinance.Following is an example of how Divorce Buyout works:
Example: John and Jane own a house valued at $500,000, with a mortgage (or mortgages) that total $300,000. If you subtract the value from the total loan about ($500,000 - $300,000) you get the equity of the house, in this case $200,000. If John and Jane split their assets 50-50, each have $100,000 equity in the house. Therefore, if John wishes to keep the house, he would need to refinance the mortgage(s) with a total loan amount of $400,000 and use the remaining $100,000 to buy out his spouse.
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| Allen Park, Michigan News |
Allen Park/Melvindale: Fire departments earn grants
Two Downriver fire departments recently were awarded a portion of a $560 million grant from the U.S. Department of Homeland Security's Federal Emergency Management Agency.
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Metro Detroit tops in speed traps, group finds
Telegraph Road in Redford Township, the Southfield Freeway in Allen Park and the Interstate 696 service drive in Warren all share a stigma: They're reputed to be among Metro Detroit's most treacherous speed ...
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Off the Blotter: Police reports
The following incidents are compiled from crimes recently reported by Downriver police departments.
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Detroit Lions cut quarterback and former Michigan star Drew Henson
The Associated Press ALLEN PARK, Mich. - The Detroit Lions cut quarterback Drew Henson, parting ways with the former Michigan quarterback and New York Yankees prospect.
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Allen Park cemetery hits dead end
Allen Park's plan to build a local cemetery is now a dead issue. Inspired by numerous requests from citizens to be buried in the city where they lived, Allen Park officials agreed in the spring to look into the ...
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Allen Park: Angle parking is here
Angled parking spaces have been painted onto Allen Road as the final step of a two-year project.
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Michiganders who helped France
The French Legion of Honor Medal -- France's highest distinction -- is awarded to veterans who aided the country during World War II.
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Toy drive donations badly needed
Toys for Tots volunteer Kim Felske of Brownstown Township is worried. "We have more families registered already this year than we have ever had," she said.
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Voters reelect Constan
State Rep. Robert Constan has won a second term to represent District 16 in the State House of Representatives.
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Voters in Melvindale, Allen Park approve school millage
Voters in Melvindale and the northern end of Allen Park approved an 18-mill school operating costs renewal for the Melvindale-Northern Allen Park School District Tuesday.
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Allen Park: Fire department has fund-raiser
The city's firefighters are looking for support to help them purchase new equipment for ambulances.
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At this stage
The Riverview Community High School Drama Club will present "Wait Until Dark" at 7 p.m. Thursday and next Friday at the RCHS auditorium, 12431 Longsdorf.
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UN envoy to Israel: Halt house demolitions
The U.N.'s Mideast envoy said Saturday he was "alarmed" by Israel's decision to resume house demolitions in the West Bank.
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Allen Park: 'Mr. Ashtray' draws state award
Donald Graham recently was recognized for his efforts to keep Downriver clean. Keep Michigan Beautiful Inc., an anti-litter organiza-ion founded in the early 1960s, awarded Graham a Distinguished Service Plaque ...
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Alumnus wins college's award
James Jackson of Allen Park accepts Adrian College's Alumni Service Award. Sunday, October 26, 2008 12:19 PM EDT James Jackson of Allen Park was one of many veterans who started attending Adrian College shortly ...
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Allen Park: Residents on Reeck continue campaign
Residents along Reeck Road are sending a message: "Slow Down, Speed Kills." In case drivers forget, nearly every lawn from Allen to Goddard has a big plastic, yellow sign to re-mind them.
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Drag racing is family's driving passion
Nicole and Julie Liberty, of Allen Park come from a racing family. The girls, in ninth and fifth grades, participate in junior drag racing.
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MELVINDALE: Schools seek renewal
The Melvindale-Northern Allen Park school district is seeking the renewal of an 18-mill nonhomestead levy Nov.
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Reward Offered For Allen Park Bank Robber
Crime Stoppers is offering a $1,000 reward for information leading to the arrest of the person who robbed a TCF bank in Allen Park.
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Allen Park Residents Demand Road Safety
One Allen Park family is organizing a petition to slow down drivers after it says one of the local streets has turned into a speedway and putting residents in danger.
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With Somerset's many FHA home loan programs, owning your dream home is more than just a dream.
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"Our family would like to thank Somerset Mortgage Lenders for getting us out of foreclosure. Without your help we do not know what would have become of our family. When we first called, we were in Chapter 13 bankruptcy...Not only will we now be able to keep our home, but we'll be able to put ourselves on track financially, thanks to all the efforts of the wonderful people at Somerset. We will be forever grateful to you all." - Scott & Amy
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