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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 ...
After a Michigan Supreme Court ruling, here's how former property owners can make claims for profits from tax foreclosure sales. Thousands of former Michigan homeowners could claim profits of ...
The legislature of the State of Michigan enacted Public Act 425 of 1984 which is also known by the title Intergovernmental Conditional Transfer Of Property By Contract Act. It became effective March 29, 1985, and was subsequently amended in 1998.
Nevertheless, in an illiquid real estate market or if real estate prices drop, the property being foreclosed could be sold for less than the remaining balance on the primary mortgage loan, and there may be no insurance to cover the loss. In this case, the court overseeing the foreclosure process may enter a deficiency judgment against the ...
It is sometimes described as a forced sale. Under the common law, any owner of property who owns an undivided concurrent interest in land can seek such a division. In some cases, the parties agree to a specific division of the land; if they are unable to do so, the court will determine an appropriate division.
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