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  2. Bill McMachen of Michigan Buys Hundreds of Foreclosed ... - AOL

    www.aol.com/news/2012-08-03-bill-mcmachen...

    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 ...

  3. Michigan Supreme Court weighs in on tax foreclosure profits ...

    www.aol.com/michigan-supreme-court-weighs-tax...

    The Michigan Supreme Court in 2020 said counties can't keep profit from tax foreclosed properties. The decision is retroactive, the court said Monday. ... Kent County foreclosed on the home and ...

  4. Detroit Land Bank Authority - Wikipedia

    en.wikipedia.org/wiki/Detroit_Land_Bank_Authority

    The property inventory of the Detroit Land Bank consists of vacant lots, abandoned houses, and many other structures that were often forced into tax foreclosure. The Detroit Land Bank sells houses on its website through multiple programs, including Auction, Own It Now, and Rehabbed & Ready.

  5. Michigan's top court gives big victory to people trying to ...

    www.aol.com/news/michigans-top-court-gives-big...

    The Michigan Supreme Court said Monday that its 2020 decision stopping local governments from keeping cash windfalls from the sale of foreclosed homes can be applied retroactively, meaning that ...

  6. Foreclosure - Wikipedia

    en.wikipedia.org/wiki/Foreclosure

    As per the foreclosure data report of RealtyTrac for January 2014, 1 in every 1,058 homes in U.S. received a foreclosure filing. This figure falls in the higher spectrum of foreclosure frequency. As of August 2014, the foreclosure rate was 33.7%, 1.7% up from the last year.

  7. Equity stripping - Wikipedia

    en.wikipedia.org/wiki/Equity_stripping

    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 ...

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