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DETROIT (AP) — 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 ...
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 ...
The Detroit area remains one of the top 10 metros for foreclosed and vacated homes. Its abandoned residences often become hideouts for drug users and prostitutes, and occasionally scenes of murder.
Rising foreclosures and unemployment following the Great Recession reduced property values and further reduced the property and income tax base. [20] Additionally, Michigan decreased state revenue sharing with Detroit due to declining population numbers reported in the 2010 census. [20] City expenses also contributed to the cash-flow shortfall.
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.
In 2017, while she was a visiting professor at Wayne State University Law School, Atuahene and the Illinois Institute of Technology led research into Detroit foreclosures and she co-authored a study on inflated property assessments in Detroit with Tim Hodge, a professor of economics at Oakland University.
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