Eight homeowners in Michigan filed a lawsuit in the U.S. Sixth Circuit Court of Appeals against Oakland County Treasurer Andrew Meisner.
The suit contends that the foreclosure process is unconstitutional, as the government has taken property for delinquent property taxes and other fees without providing fair equity to the owners.
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Home foreclosures across the U.S. are starting to spike as COVID-19 pandemic benefits begin to expire, CNBC reported.
Private mortgage lenders started the foreclosure process on 25,209 homes in the third quarter of 2021, a 32% increase from the previous quarter and a 67% increase from the third quarter of 2020, according to mortgage data firm ATTOM, CNBC reported.
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The Michigan Supreme Court ruled unanimously Friday that counties can’t additionally profit from tax-foreclosed homes without justly compensating the property owner.
The court found that withholding any surplus from tax-foreclosure sales that exceeded the amount owed constituted an “unconstitutional taking without just compensation.”
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