As the COVID-19 pandemic rages, Michigan’s real estate industry braces for a potential wave of foreclosures and evictions.
Applying lessons learned from the 2008 economic crash, mortgagees may want to consider challenging property tax assessments during pandemic crisis to protect the value of their collateral.
A recent federal appellate court ruling illustrates the traps lenders could trip when state court collection actions against joint borrowers intersect with federal bankruptcy law.
Michigan Court of Appeals clarifies mortgagor’s right of property redemption, regardless of the manner of foreclosure used.
Appellate court ruling allows receivers to sell property even if proceeds fail to compensate junior lien holders.
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