Skip to main content

Detroit Families Regain Foreclosed Homes in New Buyback Program

Phil Hall
Jul 12, 2017
Nearly 1.4 million residential properties were vacant as of the end of the third quarter, according to new statistics from ATTOM Data Solutions

Eighty families that either lost their home to foreclosure or were tenants in a home that a landlord lost to foreclosure received a free and clear deed to their homes as part of the Detroit Land Bank Authority's Occupied Buy Back program.
According to a Crain’s Detroit report, 566 people are enrolled in the program, where potential homeowners need to complete homebuyer counseling sessions to help determine if they can successfully own and maintain the home. The occupant then pays $1,000 to purchase the property and must put the equivalent of one month's worth of property taxes into an escrow savings account to pay the following year's property taxes. The deed to the home is placed in escrow until that occurs, and the potential homeowner must be responsible for the upkeep of the property and keep current on taxes and water bills for one year before ownership is transferred to them. Eligible participants must have been the last owner of record before public ownership or had a family member as the last owner, or were renting the property at time of foreclosure and were paying utilities in the property for at least 12 months.
"We are excited for people to be able to stay in these homes" Detroit Land Bank Interim Executive Director Irene Tucker said. "We have created a program that gives eligible occupants a responsible path to homeownership. This is just the first group of many that will no longer have to worry about when or if they will have to leave their home." 

Jul 12, 2017
Fidelity National Financial Hit By Cyberattack

Industry-leading provider of title insurance and settlement services radio silent on reported breach.

Nov 28, 2023
Citizens Bank Bids Farewell To Wholesale Mortgage Channel

In a strategic pivot, the Providence-based banking giant will stop accepting new wholesale mortgage submissions.

Nov 16, 2023
Surprising Surge In Mortgage Customer Satisfaction, J.D. Power Study Reveals

Study found first-time homebuyers were harder to satisfy, customers don't just shop rates.

Nov 16, 2023
Women Continue To Defy Homebuying Challenges, Representing 22% Of The Market, Survey Finds

Young, educated, diverse, and increasingly savvy, women homebuyers navigate homeownership hurdles with determination.

Nov 15, 2023 Stays Bullish On Industry Disruption Amid Q3 Losses

Despite a $340 million Q3 loss,'s leadership emphasizes cost reductions, automation, and investment in technology.

Nov 15, 2023
Fannie Mae Extends Rent Payment Pilot

Positive Rent Payment program offers financial stability and opportunities.

Nov 14, 2023