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There are about 1,000 renter occupied homes in Detroit headed to Wayne County's tax foreclosure auction this fall. Here's what tenants should know.
This is reportedly a common scam in Detroit, a city decimated by foreclosures that left thousands of homes abandoned or with out of town landlords. Housing lawyers estimated that nearly one in 10 ...
NEW YORK -- Detroit led all U.S. metro areas in the percentage of homes entering foreclosure during the third quarter, at more than four times the national average, according to a report released ...
In 2013, Detroit’s revenue had fallen over 20% from its 2008 level. [21] Revenue fell due to Detroit’s declining population, which reduced the property and income tax base. [21] Rising foreclosures and unemployment following the Great Recession reduced property values and further reduced the property and income tax base. [21]
[20] [21] Since the 2010 crisis, 62 million mortgages are held in the name of MERS, [22] and MERS has initiated thousands of foreclosures in the United States, claiming to be the mortgagee of record. Lawyers have contended in court that MERS has no legal right to initiate a foreclosure, because MERS does not own the loans in question.
The GAO found that in the period January 2008 to March 2010, mortgage servicers charged off 46,000 properties, with 60 percent of the charge-offs occurring before an initial foreclosure filing was made. In this period, Detroit, Michigan had the highest number of bank walkaways, with Chicago, Illinois being second.
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