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Foreclosure Bills Head to the Governor
The Michigan Legislature passed a four-bill package (Senate Bills 380
and 383 and House Bills 4765 and 4766) that modifies the residential mortgage
loan modification program and extends the foreclosure redemption period.
Under
the provisions of the legislative package, a purchaser of a home bought at a
sheriff’s sale would be permitted to periodically inspect the property during
the post-redemption foreclosure period. If the inspection was refused or damage
occurred on the property, the purchaser could begin legal proceedings to take
possession of the property or obtain relief to protect it. The bills would also
extend the deadlines on
foreclosure proceedings outlined in the mortgage loan modification program to
align with the new federal regulations that take effect on January 9, 2014. All four bills were sent to Gov. Snyder for
his signature.
posted by PAA Online
,
Friday, June 21, 2013
10:30 AM
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