The Wayne County Treasurer’s Office is reminding property owners that the deadline is fast approaching to claim any leftover money from the sale of their property at upcoming tax auctions. Property owners must file a claim by Wednesday, July 1, otherwise they run the risk of forfeiting their rights to the funds, Treasurer Eric Sabree said in a news release.
Claiming Surplus Proceeds
Filing a claim essentially kicks off the multi-step process of trying to get surplus proceeds if a property sells for more than its minimum bid amount during auctions in September and October. That money comes from the sale of the foreclosed property at the auction, minus taxes and fees owed to the county that prompted the foreclosure.
The Michigan Supreme Court, in a 2020 ruling, decided that former property owners are entitled to the windfall from tax foreclosure sales. A few years later, the state supreme court clarified that its ruling is retroactive, meaning owners of properties that were foreclosed before 2020 may make a claim for the remaining funds on the sale of their former property.
About 3,700 properties, nearly half of which are vacant lots, were foreclosed this year and are headed to the auctions in the fall. For more information, go to www.waynecountymi.gov/Government/Elected-Officials/Treasurer/Claims-Auctions. The treasurer’s office is also directing claimants who need help to the State Bar of Michigan Legal Resource and Referral Center. Go to lrs.michbar.org or call 800-968-0738.
Original reporting: BridgeDetroit — read the source article.
