LANSING, Mich. — Senate Finance Committee Chairman Sen. Jim Runestad announced that the committee will meet next week to hear testimony from Pacific Legal Foundation on how best to protect residents during foreclosure.
The Michigan Supreme Court ruled Friday that in property tax foreclosures, the individual is entitled to foreclosure sale proceeds in excess of the taxes, interest, penalties and fees owed.
“With Friday’s court ruling, these measures are more important than ever,” said Runestad, R-White Lake. “Most property tax foreclosures are on homes with full equity, where an individual is ill or under hardship and they fall behind, often after paying taxes their entire life.
“In many cases, they no longer have a mortgage because the home is paid for and they aren’t budgeting for property taxes or can’t pay them. In these cases, it is wrong to take all of the equity in a foreclosure. Foreclosure should be avoided at all costs to keep people in their homes.”
Runestad said that Christina Martin, an attorney for Pacific Legal Foundation, the group that brought the suit against Oakland County, will be testifying via Zoom at the committee. She will update the committee on the conclusion of the lawsuit and advise members on the need for legislation to bring the foreclosure process used in all 83 counties into compliance with the court’s ruling.
For more information, please contact Runestad’s office toll-free at 1-855-347-8015 or by email at [email protected].