Michigan Real Estate News

Timely  |  Relevant  |  Comprehensive

Southfield Homeowners Level Accusations of Exploitation

/in /by
Former homeowners are accusing Southfield and the Southfield Neighborhood Revitalization Initiative LLC of exploitation. They assert that the company made millions from tax-foreclosed homes over a three year period of time. The company made as much as $10 million from 138 properties after paying more than $2 million in back taxes to acquire the properties. The city has partnered with the company to take homes in the foreclosure process before they go to county auction. A class-action lawsuit in Detroit’s federal court accuses the company and the city of Southfield of taking equity away from former homeowners without reparations.

 

Zombie Properties Becoming More Common

/in /by

In the first quarter of 2021, 1 in 14,825 homes sat empty during the foreclosure process, but that number is on the rise. In the second quarter, one of every 12,256 homes are zombie properties. The spike may be due to lenders foreclosing on homes that were already abandoned. However, even with the increase, zombie foreclosures are still just a blip on the radar screen. The trend has been seen before when government officials try to delay foreclosure proceedings for so long that distressed borrowers simply abandon the property before the foreclosure can take place.

Millions Face Eviction & Uncertainty

/1 Comment/in /by

As states challenge the federal moratorium on evictions, families across the U.S. don’t know if they’re going to have a place stay.  An avalanche of evictions could soon become a reality as renters owe $53 billion to landlords. The Texas Supreme Court lifted the moratorium on evictions on March 31. As a result, the Dallas-Fort Worth area has the third-most eviction filings in the country. The moratorium is scheduled to be lifted on June 30. According to the Aspen Institute, 40 million Americans are at risk of losing their homes.