Michigan Governor Signs Foreclosure Bills

Michigan Governor Signs Foreclosure Bills

07/08/2013 BY: ESTHER CHO

Michigan Governor Rick Snyder signed a set of bills last week that will impact that the state’s foreclosure laws.

One of the bills, SB 383, maintains the state’s 180-day redemption period that gives the original homeowner time to reclaim the property or short sell the home after a foreclosure. However, the bill also includes a provision that allows the purchaser at the sale to inspect the home during the redemption period. If certain damages are found—such as boarded up or closed off windows—then the right to the redemption period is taken away from the homeowner.

Another bill, SB 380, extends the state’s 90-day negotiation period, which allows homeowners to seek out a modification from their lender, to January 10, 2014.

Snyder in a related letter called on the state’s legislature to clarify parts of the new laws and revealed plans to convene a workgroup to seek solutions to the issues.

Advertisements
  1. No trackbacks yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: