Detroit Politician Set to Lose Home Just Days Before Election Day

You often hear how the economy is bad all over and how anyone can be affected by it. In Detroit, one particularly high profile person is going through the pain of foreclosure in full view of the public.

In Detroit, Charles Pugh, a politician and former television reporter who is a front runner for a city council seat in next month's election, is set to lose his home at a foreclosure auction less than a week before the elections on November 3rd.

Like with families with mortgage problems, Mr. Pugh has several other financial fires to deal with, including unpaid condo association dues and late property taxes. While Pugh blamed his decision to change to a lower paying job for his troubles, he has a history of living beyond his means. According to the Detroit News, earlier this decade Mr. Pugh threatened with eviction 11 times, and each time paid up only after he was taken to court.

Perhaps the Detroit City Council is a magnet for politicians with financial problems. The Detroit News also noted that Councilman Kwame Kenyatta, who is currently serving and is running for re-election, walked away from his home and mortgage earlier this year, before his monthly payment jumped from $1,000 to about $3,600.

What can you learn from the Detroit City Council? If nothing else, it shows that anyone who has a mortgage, no matter how talented or how well-connected socially or politically, can run into mortgage and foreclosure problems if the basics aren't followed. These are basics like spend less money than you make, and making lifestyle decisions that won't leave you in a bad financial after normal life events like changing jobs.