Michigan Business Beat | New Laws in Place to Allow a Pathway for Foreclosed Property Owners

Jeffrey Mosher reconnects with Jennifer Nash, Livingston County Treasurer; Michigan Association of County Treasurers President, from Howell. This is a follow-up as there are new laws in place to allow a pathway for foreclosed property owners to claim some or all of the proceeds of a tax sale. Property owners – business and residential -- who have gone through the unfortunate foreclosure process now have the option to reclaim monies leftover from a tax sale. County treasurers will notify property owners who lose their homes or businesses to foreclosure of the pathway to receive any remaining proceeds of the tax sale of their property after taxes, interest, penalties, fees, and costs have been paid. The owner has until July 1 of the year in which the foreclosure took place to file a claim. County treasurers believe this is a fair and equitable solution to the Michigan Supreme Court’s July 2020 ruling that said they couldn’t keep proceeds of tax sales. The work of county treasurers statewide prevented 97.5 percent of property tax foreclosures in 2019. Treasurers use a variety of methods and numerous community resources to help people pay their taxes and prevent foreclosure. » Visit MBN website: //www.michiganbusinessnetwork.com/ » Subscribe to MBN’s YouTube: //www.youtube.com/channel/UCqNX… » Like MBN: //www.facebook.com/mibiznetwork » Follow MBN: //twitter.com/MIBizNetwork/ » MBN Instagram: //www.instagram.com/mibiznetwork/