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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.
They were one of the few large apartment buildings built in Detroit. [ 2 ] Triton Properties acquired the historic Alden Park Towers property, located on Detroit's Gold Coast (the East Jefferson riverfront) in 2012, out of foreclosure for $2 million in August 2012, and began a $5 million plus renovation of all 382 apartment units in the four ...
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 ...
A penny auction is a collective action taken during the auction of a foreclosed property to force the sale of the property at a low price, with the intent of then returning the property to its previous owner.
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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 ...