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News Now

CU System
Foreclosure reform gets hearing in Mich. House committee
LIVONIA, Mich. (2/18/14)--A bill has been introduced in the Michigan House to address outstanding issues following the sunset of the state's 90-day pre-foreclosure workout law and the creation of a lender's right of inspection prior to the redemption period.
 
HB 5277 has been referred to the House Financial Services Committee.
 
Michigan credit unions support the position that the homeowners' right to repair damage prior to the summary possession action should be reworked, and the stronger liability provisions against those borrowers who abandon a property without notice to the purchaser would be beneficial ( Michigan Monitor Feb. 17).
 
Testimony was heard on the bill Feb. 12. Consumer advocates requested a reasonable notice of inspections and a cap on the number of regular inspections, with an exception for emergency situations where damage or imminent damage is suspected. Other suggestions included providing a simple notice to the homeowner to communicate that a sale has occurred.
 
A committee vote is expected in the coming weeks, the league said. The league will remain an active participant in discussions pertaining to this legislation as it moves through the legislative process.


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