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.”