Wayne County celebrates its record low in tax foreclosures with a united community effort.
Wayne County celebrates a significant milestone with a record low of 2,111 tax foreclosures, the lowest in over two decades. This achievement is attributed to various supportive programs, payment plans, and nonprofit assistance, greatly helping former homeowners. With a recent ruling allowing ex-owners to claim surplus proceeds from foreclosure sales, many are hopeful for financial recovery. The claiming deadline is March 31, 2025, prompting a concerted effort to inform affected residents about their eligibility and the process involved.
The bustling streets of Wayne County are buzzing with good news as the area proudly marks a record low in tax foreclosures, the lowest seen in over two decades. As of January 29, 2025, the number of tax foreclosures stands at an impressive 2,111. This figure breaks the previous record of 1,184 foreclosures recorded in 2023.
Wayne County Treasurer Eric R. Sabree has shared that the significant drop in foreclosures is largely due to a variety of supportive programs, payment plans, and the assistance provided by local nonprofits and community organizations. The commitment to teamwork has been essential in tackling the ongoing issue of tax foreclosures. The collaborative efforts focus on saving homes and revitalizing neighborhoods across the county.
Excitingly, residents who once owned properties that fell into foreclosure now have a chance to claim profits generated from the foreclosure sales that exceeded their outstanding tax debts. Thanks to a recent ruling by the Michigan Supreme Court, former owners can retroactively seek these surplus proceeds from tax foreclosure sales, even from sales that date back prior to 2020.
If you sold your property at a foreclosure auction before December 22, 2020, make sure to mark your calendars! The claiming deadline for these proceeds is set for March 31, 2025. It’s essential for homeowners struggling with tax payments to understand what qualifies as a tax foreclosure. For those unfamiliar, tax foreclosure typically occurs when a homeowner does not pay property taxes for three consecutive years. Properties that are left with unpaid taxes are then put up for sale at public auctions held twice each fall.
Surplus proceeds are essentially the profits made from the sale of a property after deducting any owed tax debts and associated fees. This offers a chance for former homeowners to potentially reclaim some of what they lost during the foreclosure process. With around 2,400 former homeowners in Detroit believed to have been affected, it’s estimated that they could recover approximately $20 million from tax foreclosure auctions that took place between 2015 and 2019.
If you’re one of those former homeowners, there’s an online tool created by local resident Alex Alsup that allows you to check if you could be eligible for the surplus proceeds from your previous properties. Although the Wayne County Treasurer’s Office has yet to disclose how much money might be owed to former property owners, they are taking steps to ensure that those eligible are well informed about the claiming process.
It is crucial for claimants to be aware that they must file a motion in circuit court and attend a hearing before they can receive any leftover proceeds from the surplus. The Treasurer’s Office is gearing up for an anticipated wave of Notices of Intent to Claim, especially given Wayne County’s historical rates of foreclosure. This legal move is part of a class action lawsuit related to the distribution of surplus proceeds.
With funds set aside for potential claims and outreach initiatives in the works, Wayne County is striving to keep residents informed and engaged in navigating this process. As the community rallies around the possibilities ahead, there’s hope that many former homeowners will reclaim what is rightfully theirs, breathing new life into their financial futures.
Wayne County is working hard to make the journey out of tax foreclosure smoother, setting an example of how teamwork, communication, and understanding can go a long way in helping individuals and families keep their homes and preserve their neighborhoods.
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