Group to bid on large swath of Detroit properties

Prentice and his Home Team colleagues contend they have a plan to solve one of Detroit’s biggest problems: stopping the hemorrhaging of home foreclosures from unpaid property taxes. The group wants the right to buy thousands of northwest properties before they end up in the tax auction, which it will then work to fix up […]

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Koehler passes measure protecting renters

The new legislation would seek to address that lack of understanding by creating the Installment Sales Contract Act. Among the new protections is a requirement that a payment schedule is to be given to the buyer prior to closing, a prohibition on prepayment penalties and a requirement for a written contract with information about ballooning […]

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Working-Class Perspectives

As the Home Savers Campaign and partner organizations get their arms around this issue, one thing is clear: these contracts are misrepresented and rarely understood by working families desperate to obtain affordable and decent housing with the opportunity of home ownership.  Millions of families are now caught in this dilemma. For them, the American Dream […]

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Land contracts trip up would-be Detroit homeowners

Land contracts given to eager Detroit home buyers often involve ramshackle houses purchased from tax foreclosure auctions and contracts that are “written to fail,” contends Joon Sung, deputy chief counsel of Michigan Legal Aid and Defender Association, a nonprofit that represents the needy in court. Source: Land contracts trip up would-be Detroit homeowners

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Cincinnati Sues Seller of Foreclosed Homes, Claiming Predatory Behavior – The New York Times

Harbour sold its homes through an arrangement similar to an installment payment plan, with a high-interest, long-term loan called a contract for deed, or land contract. But what begins as a dream of homeownership for many residents can end quickly when a payment is missed and the buyer is swiftly evicted. Source: Cincinnati Sues Seller […]

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