Skip Navigation
Office of the Governor of Michigan, Rick SnyderMichigan.gov, Official Web Site for the State of Michigan
Michigan.gov Home
  • Home
  • Meet the Governor
  • Meet the Lt. Governor
  • Contact Us
  • 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. Snyder: Unemployment drop shows Michigan's comeback continues, with more to do
     •  Snyder signs bills improving adoption process
     •  Snyder announces statewide recycling initiative
     •  Snyder signs bills supporting recreation development and natural resource protection
     •  Gov. Snyder: Year-round and early childhood programs get a boost in school finance legislation
     •  Snyder: Bipartisan legislation combats metal theft and illegal sales while improving safety
     •  MEDC grant catalyst for major expansion, new auto jobs
     •  Snyder signs bill improving care for mobile dentistry patients
     •  State of Michigan receives federal approval for EB-5 Regional Center
     •  Gov. Snyder: Healthy Michigan Plan reaches 85,761 enrollees after one week
     •  Governor Snyder stresses importance of financial literacy to children at Detroit Library
     •  Snyder wraps up investment mission to Europe
     •  Snyder focuses on automotive expansion opportunities for Michigan during Germany visit
     •  Calley signs bill to clarify election procedures, protect voters' personal information
     •  Snyder, in Germany, announces 3-D printing company's first U.S. location in Michigan
     •  Calley signs legislation encouraging further recovery of oil from existing wells
     •  Snyder, delegation meet with leading auto execs in Turin on second day of investment mission
     •  Calley signs remaining personal property tax reform bills aimed at ensuring stable local funding, creating jobs
     •  Gov. Snyder remarks on retirement of U.S. Rep. Dave Camp
     •  Snyder, delegation meet with leading business execs in Milan on first day of investment mission
    QR code

    Michigan.gov Home
    Accessibility PolicyLink PolicySecurity PolicyPrivacy PolicyMichigan NewsMichigan.gov Survey


    Copyright © 2001-2014 State of Michigan