Foreclosures

Foreclosures

Legislature on Summer Break, but work continues on foreclosure language

WASHINGTON, D.C. - August 13, 2013 - (RealEstateRama) -- Last month, Senate Bill 383, now Public Act 104 of 2013, was signed into law by Governor Snyder. As you may recall, the initial legislative proposal was to shorten Michigan’s 6 month redemption period down to 2 months. With the signing of the new law, homeowners will still have the benefit of the 6-month redemption period in order to pursue short-sales and other transactions that provide for homeowner-to-homeowner transfers.

State of Michigan Schedules Auctions for Tax-Foreclosed Properties

WASHINGTON, D.C. - August 9, 2013 - (RealEstateRama) -- Nearly 700 properties, in five Lower Michigan counties, three Northern Michigan and four Upper Michigan counties, will be auctioned off during State of Michigan Tax-Foreclosed, Real Property Auctions on August 13th and 14th. Registration for interested bidders will begin at 9:00 a.m., each day, with auctions scheduled to begin at 10:00 a.m

Schuette Marks One-Year Anniversary of Homeowner Protection Fund: Announces New Victim Restitution Program

LANSING - August 1, 2013 - (RealEstateRama) -- Attorney General Bill Schuette today marked one-year since the historic Homeowner Protection Fund was signed into law with the announcement of a new victim restitution program designed to help residents across Michigan affected by the foreclosure crisis.

Legislation Preserving the Foreclosure Redemption Period Heads to the Governor for Signature

WASHINGTON, D.C. - June 21, 2013 - (RealEstateRama) -- Today, the Michigan legislature passed legislation keeping the six-month foreclosure redemption period intact. Senate Bill 383 provides lending institutions with the flexibility to perform an inspection on the property after the property goes to Sheriff Sale.

Senators Stabenow, Heller Introduce Bipartisan Bill to Eliminate Tax that Hits Underwater Homeowners

WASHINGTON, D.C. - June 19, 2013 - (RealEstateRama) -- U.S. Senators Debbie Stabenow (D-MI) and Dean Heller (R-NV) today introduced the Mortgage Forgiveness Tax Relief Act to ensure that underwater homeowners, those who owe more on their mortgages than their homes are now worth, would not be hit with additional income tax if a portion of their mortgage is forgiven. Without the Stabenow-Heller legislation, homeowners will be required to pay these additional taxes when they refinance or sell their homes in what are commonly called "short sales."

Schuette Announces Michigan Residents to Receive $107.2 Million Through National Mortgage Settlement

LANSING - June 10, 2013 - (RealEstateRama) -- Michigan Attorney General Bill Schuette today announced checks will go out this week to Michigan borrowers who submitted a valid foreclosure payment claim through the National Mortgage Settlement. Eligible borrowers will receive checks for approximately $1,480. Approximately 72,000 Michigan borrowers affected by the National Mortgage Settlement will receive a share of approximately $107.2 million in restitution for mortgage servicing abuses related to the national foreclosure crisis.

Legislation Streamlining the PRE Filing Process for Lenders on Foreclosures on the Move

WASHINGTON, D.C. - April 17, 2013 - (RealEstateRama) -- With the passage of the Principal Residence Exemption (PRE) Enhancement legislation last year, lenders were able to retain the PRE on a foreclosed property, but they must still pay the 18 non-homestead mills in local school operating property taxes. There has been some concern from lenders and local governments regarding the arduous process of filing to retain the PRE on foreclosed properties and instituting the new specific tax. Many forego the cumbersome process

Streamlining the PRE filing process for lenders on foreclosures

March 18, 2013 - (RealEstateRama) -- With the passage of the Principal Residence Exemption (PRE) Enhancement legislation last year, lenders were able to retain the PRE on a foreclosed property, but they must still pay the 18 non-homestead mills in local school operating property taxes. There has been some concern from lenders and local governments regarding the arduous process of filing to retain the PRE on foreclosed properties and instituting the new specific tax. Many forego the cumbersome process

Foreclosure Prevention seminars available for homeowners

November 2, 2012 - (RealEstateRama) -- The Macomb County MSU Extension will be holding two informational Foreclosure Prevention seminars during the month of November for all interested homeowners.

Foreclosure Prevention seminars available for homeowners

October 8, 2012 - (RealEstateRama) -- The Macomb County Michigan State University Extension (MSUE) will be holding two informational Foreclosure Prevention seminars during the month of October which will be free to all homeowners.

Schuette Announces 23 to 40 Year Prison Sentence For Westland Man Guilty Of Foreclosure-Rescue...

LANSING, MI - October 4, 2012 - (RealEstateRama) -- Attorney General Bill Schuette today announced a 23 to 40 year prison sentence for a Westland man who ran an extensive foreclosure-rescue fraud operation that may have scammed up to 400 victims. Rickey White, 46, of Westland, and his company, Braunstein & Associates, pleaded guilty to three felonies for collecting upfront fees and impersonating a mortgage modification company.

Schuette Announces First National Mortgage Settlement Notifications Mailed to Michigan Foreclosure Victims

LANSING - September 27, 2012 - (RealEstateRama) -- Attorney General Bill Schuette today announced that claim forms are being mailed to approximately 148,000 Michigan borrowers who lost their home to foreclosure between January 1, 2008 and December 31, 2011. Qualified Michigan borrowers may be eligible for a cash payment under the $25 billion national mortgage settlement.

Schuette Announces 10 to 20 Year Sentence For Michigan Foreclosure-Rescue Fraud Scam

LANSING - September 17, 2012 - (RealEstateRama) -- Attorney General Bill Schuette today announced his Corporate Oversight Division has secured a prison sentence for a Holly woman who ran a fraudulent foreclosure-rescue operation that scammed at least 60 victims across the state out of more than $250,000.

Foreclosure Prevention seminar available

September 14, 2012 - (RealEstateRama) -- The Macomb County MSU Extension will be holding a free, informational seminar on foreclosure prevention. All homeowners are welcome to attend. These seminars are presented by MSHDA-certified housing counselors. Homeowners will also have the opportunity to work one-on-one with a housing counselor after completing this seminar. Macomb MSUE is a HUD-certified agency.

Foreclosure Prevention seminar available for homeowners

August 10, 2012 - (RealEstateRama) -- The seminar is being presented by MSHDA-certified housing counselors. Homeowners will also have the opportunity to work one-on-one with a housing counselor after completion of the seminar. Macomb MSUE is also a Department of Housing and Urban Development-certified agency

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New shorelands program helps waterfront homeowners improve shorelines, inland lakes

The Michigan Natural Shoreline Partnership recently launched a program to help lakefront homeowners understand best practices to protect their shoreland and inland lakes. The Michigan Shoreland Stewards Program will recognize inland lake property owners who are using healthy property management practices to protect their inland lake and offer tips to improve the shoreline further.

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Senator Stabenow Introduces Bipartisan Bill to Protect Michigan Land and Water...

U.S. Senator Debbie Stabenow (D-Mich.), Ranking Member of the Senate Committee on Agriculture, Nutrition and Forestry joined her Agriculture Committee colleague U.S. Senator Joni Ernst (R-Iowa) to strengthen the Regional Conservation Partnership Program (RCPP) – an innovative approach to conservation authored by Senator Stabenow in the 2014 Farm Bill.