State Senate Approves Increase in Time for Homeowners to Try and Save Home from Foreclosure
The Michigan Senate has approved legislation that would increase the length of time homeowners have to try and work with banks to save their homes from foreclosure. The bills increase the time period from 90 days to 120 days.
The final version also did not include a measure which would have accelerated the foreclosure process on homeowners that would have led to more people in the state losing their homes.
State Senator Jim Ananich said “there are still many problems that need to be resolved with the lingering foreclosure crisis, but we avoided taking a step backwards with the changes approved.” Ananich is Vice Chair of the Senate Banking and Financial Institutions Committee.
The Senate Bills passed avoided shortening the redemption period from six months to two months, which would have made it among the shortest redemption times in the Great Lakes region.