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After a Michigan Supreme Court ruling, here's how former property owners can make claims for profits from tax foreclosure sales.
In another case, the state of Michigan foreclosed Lynette Hathon and Amy Jo Denkins’ property in 2018 for nonpayment, sold it for $28,250 at the auction and retained the surplus proceeds. They ...
In Michigan's Macomb County, though, it bought one man 627 homes. Bill McMachen, who owns a yacht dealership in Harrison Township, Bill McMachen of Michigan Buys Hundreds of Foreclosed Properties ...
This was Michigan's first-ever online tax-foreclosed property auction. [10] In 2005, Bid4Assets sold the Sandshaker Lounger, Package Store and Sandwich Shop, a popular Pensacola, Florida hangout. The property was forfeited to the United States Marshals Service as a result of Operation Sandshaker.
The Detroit Land Bank Authority [1] is a public authority that owns and manages approximately 100,000 parcels of property in the city of Detroit, making it the city's largest landowner. [ 2 ] Occasionally framed as a quasi-governmental entity , the Detroit Land Bank operates a number of programs to reduce the number of Detroit properties that ...
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
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