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Michigan governor signs anti-foreclosure bills
LANSING, Mich. (5/27/09)--Michigan Gov. Jennifer Granholm signed a package of foreclosure prevention bills into law Thursday. The acts will not take effect for 45 days, giving financial institutions, including credit unions, time to prepare for the changes. The Michigan Senate had unanimously passed the anti-foreclosure package on May 19, including House Bills 4453, 4454 and 4455, sponsored by State Reps. Shanelle Jackson (D-Detroit), Andy Coulouris (D-Saginaw) and Bert Johnson (D-Highland Park), respectively (Michigan Monitor May 26). Michigan has one of the highest foreclosure rates in the nation, said State Sen. Randy Richardville (R-Monroe). Given that, “it was important for the legislature to approve these measures to help struggling homeowners. 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.” Coulouris referred to the package as a “90-day lifeline” for homeowners. The bills offer a judicial workout option for homes that fall into foreclosure, and gives three months for the lender and borrower to find a solution. The package does not address homes already in foreclosure. Home loans that qualify for modification will qualify for judicial intervention if the lender chooses not to cooperate to modify payments. Lenders will now be required to send a notice of foreclosure to all homeowners. Borrowers can request a meeting within 14 days of receiving a foreclosure notice, at which point the lender must stop any foreclosure proceedings for 90 days. The Michigan Credit Union League did not comment on the matter.
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