Skip Navigation
Office of the Governor of Michigan, Rick SnyderMichigan.gov, Official Web Site for the State of Michigan
Michigan.gov Home
close print view

Snyder signs bill package to help homeowners avoid foreclosure

Thursday, Dec. 22, 2011

LANSING, Mich. - Gov. Rick Snyder today signed a series of bills that clarify and improve the pre-foreclosure and foreclosure process and will help keep Michigan residents in their homes. This bipartisan legislative package passed both chambers unanimously.

"This legislation helps protect families and ensures the stability of Michigan communities," said Snyder. "When foreclosures are prevented, homes are not vacated, families are not displaced and townships, cities and counties do not lose the tax base provided by homeownership."

In September 2011, there was one foreclosure filing for every 149 homes in Michigan. Michigan also had the seventh highest foreclosure rates and foreclosure filing totals compared with other states. 

House Bill 4542, sponsored by state Rep. Jeff Farrington, and H.B. 4543, sponsored by state Rep. Peter Pettalia, require lenders to provide written notice which includes a list of housing counselors when foreclosure proceedings begin so that homeowners can receive immediate advice on their unique situation. The bills also provide additional time and mechanisms for homeowners to potentially arrange for loan modifications in order to prevent foreclosure. These modifications may include interest rate reduction, principal forbearance and other modifications designed to make monthly payments more affordable.

The legislation also removes the mandate to publish pre-foreclosure notices in newspapers to help prevent homeowners from being solicited by foreclosure rescue and mortgage modification scams.

H.B. 4544, sponsored by state Rep. Lisa Lyons, clarifies that the redemption period of one year is for property used for agricultural purposes.

"This legislative package provides Michigan homeowners with a set of tools to help them stay in their homes and avoid foreclosure," said Kevin Clinton, Commissioner of the Office of Financial and Insurance Regulation.

H.B. 4542, 4543 and 4544 are now Public Acts 301, 302 and 303 of 2011.

More detailed information on the bills may be found online at www.legislature.mi.gov.

#####

Related Content
 •  Gov. Rick Snyder urges residents to report flood property losses this week
 •  Michigan seeking innovative approaches to improving health of mothers, babies
 •  Snyder urges propane customers to get early fill for upcoming heating season
 •  Snyder celebrates Anchor Coupling expansion, 120 new jobs in Menominee
 •  Snyder issues declaration of disaster for Wayne, Oakland, Macomb counties
 •  Snyder leads effort for federal emergency relief for Southeast Michigan
 •  Update on Flooding in Metro Detroit  PDF icon
 •  Snyder inspects Southeast Michigan flooding; urges motorists to exercise caution
 •  Better Off Working is Michigan's new mantra for those with disabilities
 •  Snyder issues statement addressing prison food service issues
 •  Arwood to serve as chief operating officer of Michigan Economic Development Corporation
 •  Gov. Rick Snyder announces appointments to move international bridge project forward
 •  Snyder: International companies choosing to invest, create jobs in Michigan
 •  Northern Michigan communities receiving $6 million to repair infrastructure damaged by deep freeze
 •  Gov. Rick Snyder: Pension vote shows Detroit continues to move toward brighter future
 •  Key progress being made with increased commitment to mental health issues in Michigan
 •  Gov. Rick Snyder says Healthy Michigan Plan surpasses first-year enrollment goal of 322,000
 •  Gov. Rick Snyder commemorates Civil Rights Act
 •  Gov. Rick Snyder signs pharmacy, consumer protection, local government bills
 •  Governor Snyder Honors Michigan Volunteers at 2014 Governor's Service Awards
QR code

Michigan.gov Home
PoliciesMichigan NewsMichigan.gov Survey


Copyright © 2014 State of Michigan