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Treasurer: pending Pung v. Isabella County ruling could change foreclosure payout calculations
Summary
Treasurer Shelly Weich told the Finance Committee in public comment that the ongoing Pung v. Isabella County case, if successful for treasurers, could shift the post-foreclosure payment calculation from foreclosure proceeds minus administrative costs to fair market value, but she cautioned the outcome is not final.
During public comment, Treasurer Shelly Weich provided an update on the case Pung v. Isabella County and said that if the treasurer prevails the ruling could change how much a county treasurer must provide a resident who lost property to foreclosure — moving from payment based on foreclosure proceeds minus administrative expenses to payment based on fair market value. She noted the case is still unresolved and cautioned that the county is not yet ‘‘out of the woods.’’
The treasurer characterized the update as favorable to county treasurers but emphasized uncertainty: the final legal outcome could alter historic practices and would have implications for future foreclosure accounting and potential liabilities. No formal action followed; the comment was recorded during the public-comment portion of the meeting, which adjourned at 10:15 a.m.
