Dear American Title and Michael Reynolds,
We are writing to you to inquire as to how you proceeded with an apparent sale of 1745 Brian court from us to Tarick Seifeddine during the redemption period for the property post August 2017 sheriff sale and the Bank of Ann Arbor held a sheriff’s deed for the property.
As you know the right of redemption in the State of Michigan is not transferable and we never redeemed the property or authorized anyone to redeem the property on our behalf.
As you are also aware, at sheriff sale all debt under the construction loan had to be paid according to lien position.
The Bank of America had first lien position on the overall construction loan by approximately 270k which was recorded as the first mortgage on the 1745 Brian Court property at the register of deeds in 2013.
Per the documents you prepared, Mike oversaw and Tarick signed the Bank of America still had first lien position in the amount of approximately 270k over the property in December 2017 despite the sheriff sale and the 270k was paid by Tarick Seifeddine at closing.
Bank of Ann Arbor has attested to the courts and the federal government that everything was done appropriately with respect to the sheriff sale which would mean that the first lien position was paid. This would be substantiated by the fact that approximately 270k from the sheriff sale was not credited to the Bank of Ann Arbor construction loan balance. The Bank of Ann Arbor is refusing to meet with us and walk us through the disbursement of the sheriff sale funds but this is the only plausible explanation as to how the funds were disbursed based on available information.
Given this we could have redeemed the property for 80k which we of course were in a position to do and we were only people that could do so in the redemption period. This would have resulted in us owning the property outright with the Bank of America now removed.
So what was the incentive for all these violations and cover up we have to ask? Leave us and our kids without a place to live ? Why ? Who was behind all this?
Please explain how this sale was done the way it was under your watch and legal guidance,
Myria Petrou and Brad Foerster