News Summary
Residents of Wayne County have an urgent opportunity to claim potential surplus funds from tax foreclosure auctions, with the deadline set for March 31, 2025. This news affects those who lost their homes before 2020 as they may be entitled to cash from surplus funds. The claims process is outlined and resources are available to assist individuals in checking their eligibility and filing claims. Don’t miss out on this financial recovery chance!
Urgent Deadline Approaching for Former Homeowners in Wayne County!
Attention, residents of Wayne County! If you’ve ever lost your home to tax foreclosure, you may be sitting on a potential payout that could make a real difference in your life. But time is running out! You have until March 31, 2025, to claim any surplus funds from tax foreclosure auctions. This applies to anyone whose property was sold at auction, so read on for essential details.
What Are Surplus Funds and How Do They Work?
When a property goes to auction due to unpaid taxes, the sale often brings in more money than merely what was owed. The surplus is the difference between the sale price and the various taxes and fees owed to the county that led to the foreclosure. Thanks to a landmark Michigan Supreme Court ruling in 2020, former homeowners are now recognized as entitled to this surplus. So yes, if your house has been auctioned off, you may be entitled to some hard-earned cash!
Shocking Examples: Huge Profits at Auctions
In Oakland County, several lawsuits have highlighted remarkable instances where homes sold for significantly more than the property tax debts. For instance, one home was auctioned off for $24,500 even though only $285 was owed. It just goes to show how property values can skyrocket, leaving former homeowners with potential money just waiting to be claimed.
Who Can Claim and Are There Restrictions?
Eligible individuals are those who lost their property to tax foreclosure before 2020. Approximately 5,600 properties in Wayne County may qualify for these surplus proceeds. If you think you might have a claim, you’ll want to get familiar with the process to avoid missing out! The 2021 court ruling clarified that claims are not limited to recent foreclosure cases but can include those dating back further as well.
The Claims Process—Step by Step
Now, let’s break down the steps you need to follow to claim your funds:
- First, fill out an initial claim form. This form signals your intent to claim but isn’t considered your official claim just yet.
- By July 1, expect to receive a notification from the county regarding any potential surplus funds.
- Next, file a motion with the circuit court by October 1 to secure any identified funds. Make sure not to skip this crucial step!
If your property sold at auction after December 2020, you’ll have to complete a notarized claim form by July 1 of that year. Don’t let procrastination get in the way of your funds!
Where Does the Money Come From?
Funds for claims originate from unclaimed proceeds from tax foreclosure sales as well as interest accrued on delinquent taxes. So, it’s not coming out of someone’s pocket—this money is rightfully yours!
Resources to Assist You
The claims process can be quite overwhelming, but don’t worry! The Wayne County Treasurer’s Office has a wealth of information on its website, and there’s also a dedicated phone line to help guide you through it. Additionally, various local organizations and nonprofits are stepping up to lend a helping hand for free.
Check if You’re Owed Money!
Wondering if you qualify for this financial relief? You can easily check online or even text your address to 67385 to find out if you’re owed any surplus funds. Just remember that verifying your property ownership and eligibility is essential, as inaccuracies can crop up in the data!
Don’t Wait—Act Now!
The time to act is now! Claims processes are recognized and respected due to prior court rulings, and they offer a vital opportunity for financial recovery. With an estimated 2,400 former Detroit homeowners potentially eligible for roughly $20 million from tax foreclosure auctions, there is definitely money to be claimed. Don’t let this chance slip through your fingers! Seeking assistance from community organizations will make the process smoother.
Now is the time to take charge of your financial future. If you think you might be eligible, get started today!
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Additional Resources
- Detroit Free Press: Former Property Owners May Be Owed Money
- CBS News: Wayne County Accused of Keeping Foreclosure Sale Profits
- Yemeni American: March 31 Deadline for Tax Foreclosures
- Google Search: Wayne County Tax Foreclosure
- Detroit Free Press: Michigan Property Owners Claim Foreclosure Auction Profit
