Foreclosure Bill Goes To Mich. Governor For Signature

Posted by Orb Staff on May 20, 2009 No Comments
Categories : Mortgage Servicing

chigan State Senate has unanimously approved conference committee reports about foreclosure prevention legislation, which now heads to Gov. Jennifer Granholm, D-Mich., for signature. House Bills 4453 through 4455 revise Michigan's ‘foreclosure by advertisement’ process. Under the legislation, the lending institution that holds the home mortgage in question would be required to send a written notice to borrowers before foreclosing on a principal residence. If a homeowner decides to work with the lender, the two parties will have 90 days to participate in "pre-foreclosure" meetings and develop an agreeable solution. As intimated by the conference committee's lead, Sen. Randy Richardville, R-Monroe, the reports moved through the Legislature quickly. "Having one of the highest foreclosure rates in the nation, it was important for the Legislature to approve these measures to help struggling homeowners," says Richardville. "We have developed a plan that will help residents who want to stay in their homes and are willing to take appropriate steps to do so." The compromise reached by the conference committee reports excludes some personal information on the published foreclosure notice and restores the judicial foreclosure provisions with broader criteria. This gives lenders more options in seeking an alternative to foreclosure, according to Richardville. SOURCE: Office of Randy Richa

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