In a landmark decision, the Michigan Supreme Court ruled in 2020 that former property owners have the right to claim surplus proceeds from tax foreclosure sales. This decision impacts thousands of individuals who lost their properties due to foreclosures before and after December 22, 2020. Wayne County has established a process for these former owners to file claims by specific deadlines, ensuring they receive their rightful share of leftover funds. The ruling also addresses how surplus money is allocated and managed, providing clarity on where the funds originate.
The implications of this ruling extend beyond Wayne County, as similar lawsuits across Michigan aim to recover surplus proceeds for former property owners. The process involves submitting notarized forms, receiving notifications about potential claims, and filing motions with the circuit court. With resources available through various organizations, including the Wayne County Treasurer’s Office and nonprofit groups, affected individuals can navigate the claims process effectively.
Eligibility and Claims Process for Pre-2020 Foreclosure Sales
Former Wayne County property owners whose homes were sold at auctions prior to December 22, 2020, are eligible to claim surplus proceeds under the Michigan Supreme Court's 2020 ruling. These owners must complete and submit a notice of intention form by March 31, 2025. Once filed, the Wayne County Treasurer’s Office will notify claimants regarding any remaining funds by July 1, followed by a motion submission deadline of October 1 for the circuit court review.
To initiate the claims process, interested parties need to fill out a notice of intention form provided by the Michigan Department of Treasury, ensuring it is notarized. Submission options include certified mail or in-person delivery to the Wayne County Treasurer’s Office. After filing, governmental units will inform claimants whether surplus funds exist, detailing other possible claims against the proceeds. Subsequently, claimants must prepare and file a motion with the circuit court, attending a hearing before a judge to finalize their claim. This structured approach ensures transparency and fairness in distributing leftover funds from pre-2020 foreclosure sales.
Post-2020 Foreclosure Sales and Resource Availability
For those affected by foreclosure sales after December 22, 2020, the process remains straightforward yet distinct. Former property owners must submit notarized forms by July 1 of the foreclosure year. The funds for these claims come from unclaimed proceeds and interest charges on delinquencies, set aside specifically to address such cases. Resources like WayneCountyForeclosureClaims.com and a dedicated hotline provide essential information, while videos and guides further elucidate the claims process.
Individuals seeking to reclaim surplus proceeds from post-2020 foreclosure sales benefit from a simplified timeline and clear instructions. Notarized forms should be sent via certified mail or delivered in person, aligning with the specified deadlines. The Wayne County Treasurer’s Office has reserved portions of surplus funds generated over the past five years to honor these claims, ensuring financial support for former owners. Additionally, various entities offer supplementary assistance, including Outlier Media's text message service and comprehensive online guides. These resources collectively empower former property owners to understand their rights and successfully navigate the claims process, securing the financial compensation they deserve. Through collaboration between government offices and nonprofit organizations, the pathway to reclaiming surplus funds becomes more accessible and efficient for all involved parties.
Real-estate investors Mike Gorius and Kevin Hart have opted for private money lenders (PMLs) over traditional ones, even though the interest rates are nearly double. The primary motivation behind this choice is the speed and efficiency that PMLs offer, which significantly expedites the deal-closing process. While traditional lenders provide lower interest rates, they involve more paperwork and a longer waiting period. In contrast, PMLs enable quicker transactions, allowing investors to seize opportunities swiftly. Networking plays a crucial role in finding these lenders, with strategies such as leveraging social media and cold-calling being effective methods.
The Advantages of Private Money Lending
Private money lending offers distinct advantages that make it an appealing option for real-estate investors like Gorius and Hart. The key benefit lies in the rapidity of transactions, enabling them to close deals within days rather than weeks. This swiftness is critical for their business model, which includes wholesales, wholetails, flips, and rental properties. By bypassing extensive documentation, they can acquire properties faster and capitalize on lucrative opportunities.
In detail, private money lenders facilitate quick closings by simplifying the process. For instance, Gorius and Hart perform their own inspections, eliminating the need for appraisals. This approach allows them to finalize purchases promptly. A typical deal involves a $150,000 investment—$100,000 for the property and $50,000 for renovations. At closing, the lender deposits the total amount into escrow, transferring ownership and providing funds for renovations. Payment terms vary based on the lender's preferences, ranging from monthly interest-only payments to lump-sum settlements at the end of the project. Once the property is renovated and sold, the lender recovers their initial investment plus interest, while the investors retain the profit.
Strategies for Identifying Private Money Lenders
Identifying suitable private money lenders requires strategic networking and outreach efforts. Before establishing a formal network, Gorius initiated contact with his existing connections, reaching out to 900 individuals via text messages. This approach yielded positive results, with approximately nine people expressing interest or responding favorably. The appeal lies in offering an attractive return on investment compared to leaving funds idle in bank accounts. By emphasizing the benefits of hands-off real estate investing, Gorius successfully attracted potential lenders.
Gorius also employs social media platforms like LinkedIn to expand his reach. He shares success stories, such as his first flip where he invested $18,000 and doubled it within ten weeks. In one post, he highlighted how using someone else's $18,000 could yield substantial returns, resulting in raising $280,000 from a single post. These strategies demonstrate the power of digital networking in connecting with private money lenders. Additionally, attending industry events and participating in relevant forums can further enhance networking opportunities, ultimately leading to fruitful partnerships that benefit both parties involved in real estate ventures.
For the first time in history, the women's NCAA basketball tournament is set to offer financial rewards beyond mere bragging rights and championship banners. Starting this year, teams advancing through the brackets will earn units based on their performance, translating into significant monetary benefits for their respective conferences. This marks a pivotal moment for gender equity in collegiate sports, as the system mirrors the one established for men's tournaments since 1991.
This groundbreaking decision comes after decades of advocacy and criticism regarding unequal treatment between male and female athletes. The new payment structure allocates $15 million across 132 units during the initial phase, ensuring that each participating team contributes directly to its conference’s revenue pool. If top-seeded UCLA reaches the finals, it would secure approximately $1.3 million for the Big Ten Conference over the next several years. By 2027, the total fund is expected to grow significantly, reaching $25 million annually.
The introduction of unit-based payments stems from long-standing efforts by advocates like Andrew Zimbalist, an economics professor at Smith College. His research highlighted disparities where men's teams earned substantial sums while women's contributions went unrecognized financially. For instance, between 1997 and 2018, men's teams from the Big Ten alone amassed roughly $340 million, whereas women's programs received nothing comparable despite drawing millions of viewers.
Zimbalist attributes the delay in implementing such reforms partly to outdated perceptions about viewer interest. Despite consistently attracting large audiences, women's games were historically undervalued due to insufficient marketing compared to their male counterparts. Public outcry following documented inequities during the 2021 tournament further catalyzed change, prompting the NCAA to conduct a thorough gender equity assessment.
As part of ongoing adjustments, the NCAA now allows the women's tournament to utilize branding previously reserved exclusively for men, including "March Madness." Although progress has been made, significant gaps remain—units in the men's tournament are worth nearly $2 million each, far exceeding the $114,000 value assigned per unit in the women's competition. This discrepancy largely reflects differences in broadcasting agreements; current deals grant ESPN exclusive rights to air the women's tournament alongside other NCAA events, potentially undervaluing its standalone appeal.
Looking ahead, experts anticipate potential shifts in how media rights for the women's tournament are managed. Options range from bundling it with other championships to merging it entirely with the men's package or creating independent contracts. Regardless of future arrangements, many within the sport view this development as a meaningful stride toward recognizing and rewarding the economic impact of women's basketball.
Duke coach Kara Lawson expressed optimism about these changes, emphasizing the importance of acknowledging sports that generate revenue. With this step forward, the NCAA aims not only to address past injustices but also to foster growth and sustainability for women's athletics moving forward.