Register of Deeds Cutris Hertel Jr | Ingham County to Begin Collecting Taxes from Mortgage Giants Freddie Mac, Fannie Mae
“Hertel said Ingham County will reject foreclosure or other property documents filed by Fannie Mae and Freddie Mac unless they include transfer tax payments.”
Ingham County to Begin Collecting Taxes from Mortgage Giants Freddie Mac, Fannie Mae
LANSING, MI – Ingham County officials expect to see tens of thousands of dollars in new revenue as they begin collecting taxes from two of the nation’s largest mortgage lenders.
Ingham County Register of Deeds Cutris Hertel Jr. said he will begin requiring Fannie Mae and Freddie Mac to pay full transfer taxes on all property transfers in which they are the seller.
The two companies had claimed to be exempt from paying taxes upon filing new deeds, saying they were government entities.
But a recent court ruling found the lenders were private entities, Hertel said.
“We’ve been telling them along the way they need to pay on these, but we haven’t had the legal backing until the Oakland County case was decided,” Hertel said.
In that case, a U.S. District Court judge found the mortgage giants illegally withheld transfer taxes on foreclosed properties from 2006-11.