By AP/MPRN
(Lansing, MI) – Governor Jennifer Granholm will sign legislation to give Michigan homeowners facing foreclosure a 90-day window to stay in their house and potentially work out a resolution with their lender.
The state Senate unanimously approved the bills Tuesday. The
House passed the legislation last week.
The legislation lets homeowners delay foreclosure proceedings
for 90 days after getting a notice of foreclosure if they meet with
a housing counselor and the bank. Lenders refusing to rework loans
for those qualified homeowners would have to go to court to finish
the foreclosure.
Only homeowners meeting certain financial standards could
qualify for modified mortgage payments.