Michigan Foreclosure Law To Encourage Negotiation

Posted by Orb Staff on May 14, 2009 No Comments
Categories : Mortgage Servicing

s of Michigan's congressional conference committee have agreed to legislation that gives borrowers a 90-day window to consult with housing counselors and their servicers in order to avoid foreclosure. House bills 4453 and 4455 encourage greater communication and negotiation between servicers and borrowers, according to Sen. Randy Richardville, a member of the conference committee. The House and Senate are both expected to approve the deal this week. The legislation requires lenders to not begin foreclosure proceedings until 90 days after a notice of foreclosure is sent to a borrower. The borrower then has 14 days to request an in-person meeting with the lender. Richardville says the committee worked through differences in the legislation until a compromise was reached. "I expect the conference committee recommendations to move through the Legislature quickly, so they can be signed into state law as soon as possible," he says. SOURCE: Office of Sen. Randy Richa

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