Another Detroit City Council member has joined the ranks of millions of Americans who owe more on their home than its is worth.
Councilwoman Satunteel Jenkins has decided that the best way to deal with the financial problem she is facing is to walk away from her $170,000 Detroit condo.
Jenkins tells WWJ’s Florence Walton it was a tough decison to make.
“I’ve explored other options. I’ve been trying to figure out the best way to deal with this situation for awhile, and this is the most viable option for me — which was a painful option, and certainly not my first choice,” she said.
Jenkins, who now lives in Detroit with her new husband, said her condo is worth about one quarter of what she owes.
Councilman Kwame Kenyatta also walked away from his home in Rosedale Park after he was unable to work out a more favorable financial agreement. Detroit City Council President Charles Pugh was facing foreclosure on his downtown condo before working out an agreement.
(Copyright 2010 WWJ Radio. All Rights Reserved.)