DETROIT (AP) – The president of the Detroit City Council says he can’t afford the mortgage on his condominium and might walk away from the property.

Charles Pugh paid $385,000 for the condo in 2005 when he worked at a Detroit TV station. Spokeswoman Kirsten Ussery tells The Detroit News that a condo next door recently sold for $80,000.

Ussery says Pugh plans to surrender the condo if he can’t negotiate a lower monthly payment. He is paid $76,500 a year as a council member and says the mortgage payments have been a “struggle.”

Ironically, Pugh, the mayor and other council members are trying to get Detroit in better financial shape to prevent a state takeover.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

  1. josebell says:

    It is very tough to get mortgage refinance these days especially major banks. It is not a secret every one knows, what is the solution? Check our your local guys or check online for 123 Refinance they should be able to find a solution for you.

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