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Houghton County adopts resolution backing state bills to curb foreclosure profiteering
Summary
The board unanimously adopted Resolution #26-02 supporting House Bills 5152 and 5153 to bar post-foreclosure transfers of surplus proceeds and require a plain-English Notice of Rights for conveyances after foreclosure notice is recorded.
The Houghton County Board of Commissioners unanimously adopted Resolution #26-02 supporting Michigan House Bills 5152 and 5153, measures the board said are intended to curb predatory transfers involving surplus foreclosure proceeds.
Commissioner Gretchen Janssen moved adoption and Commissioner Glenn Anderson seconded. The resolution, adopted 5-0, calls out a pattern in which third-party firms approach homeowners or heirs after foreclosure auctions and buy or obtain rights to surplus proceeds or redemption at a fraction of the property’s value. The resolution cites an instance where an elderly heir was paid $100 to sign away rights to over $10,000 in known surplus proceeds and asks state lawmakers to make a mortgagor’s right to surplus money and redemption nonassignable after notice of foreclosure is recorded and to require a plain-English Notice of Rights on post-foreclosure conveyances.
The resolution directs the county clerk to forward copies to the governor and legislative leaders and urges other counties to consider support.