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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.
For around $4.7 million, you might be able to snag one gleaming, top-of-the-line luxury home in a top market. In Michigan's Macomb County, though, it bought one man 627 homes. Bill McMachen, who ...
The Pacific Legal Foundation calls it “home equity theft.” For example, Uri Rafaeli owed $8.41 in taxes on a rental property in Southfield. The bill grew to $285 with penalties and interest.
The Michigan Supreme Court will soon decide whether a 2020 ruling must be applied retroactively. If it is, most Detroit homeowners won't benefit.
In an equity stripping scheme an investor buys the property from a homeowner facing foreclosure and agrees to lease the home to the homeowner who may remain in the home as a tenant. Often, these transactions take advantage of uninformed, low-income homeowners; because of the complexity of the transaction, victims are often unaware that they are ...
The lender/private investor (the trustees) use a title company to issue the TSG, which give notice of the pending foreclosure. A Notice of Trustee's Sale notify homeowners and mortgage borrowers that their property will be sold at a trustee's sale on a specific date and at a specific location. The actual sale typically completes a non-judicial ...