Richardville participates in bill signing for foreclosure relief bills
LANSING, MI - June 19, 2009 - (RealEstateRama) — Sen. Randy Richardville, chair of the Senate Banking and Financial Institutions Committee, today participated in a bill signing ceremony for legislation that will help save more homes in Michigan from foreclosure.
“During these difficult economic times, many families are facing the threat of losing their homes,” said Richardville, R-Monroe. “These new laws could help homeowners and members of the mortgage industry prevent foreclosure as it will encourage greater communication between them.”
House Bills 4453-4455, now Public Acts 29-31 of 2009, revise Michigan’s “foreclosure by advertisement” process.
Under the new laws, the lending institution that holds the home mortgage in question will 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.
Richardville served as the lead Senate member of a conference committee with lawmakers from both chambers and helped successfully negotiate a compromise on the legislation.
“Helping find solutions to challenges in the mortgage industry has been one of my top legislative priorities,” Richardville said. “I will continue working on this major issue to provide relief for Michigan residents.”
Related posts:
- Sen. Richardville to serve on foreclosure conference committee
LANSING, MI - April 27, 2009 - (RealEstateRama) — Sen. Randy Richardville has been appointed to serve on a joint Senate and House conference committee regarding legislation that would help Michigan homeowners who are facing foreclosure....
- Foreclosure bills will help residents who want to stay in their homes
May 20, 2009 - (RealEstateRama) — Long before the current national recession took hold, Michigan was dealing with a severe economic downturn. Still facing job losses and mounting debt in 2009, many state residents have been unable to continue making payments on their homes. As a result, Michigan has consistently had one of the highest foreclosure rates in the nation...
- Senate approves conference committee reports to help Michigan residents save homes from foreclosure
LANSING, MI - May 20, 2009 - (RealEstateRama) — The Senate today unanimously approved conference committee reports to help save more homes in Michigan from foreclosure by encouraging greater communication between lenders and homeowners, said Randy Richardville, the Senate’s lead member of the conference committee....
- Richardville makes home foreclosure prevention priority for Senate banking committee
LANSING - February 13, 2009 - (RealEstateRama) — Sen. Randy Richardville, chair of the Senate Banking and Financial Institutions Committee, emphasized his commitment to addressing the home foreclosure crisis in Michigan Wednesday as the committee held its first meeting of the legislative term...
- Richardville mortgage loan officer licensing requirements bill signed into law to help protect homeowners and reduce fraud
LANSING, MI - July 29, 2009 - (RealEstateRama) -- The governor signed a bipartisan legislative package Tuesday that will strengthen existing requirements for loan officers in Michigan, said Sen. Randy Richardville, the main sponsor of the reform plan....
Comments
No comments yet.
Leave a comment