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News Now

CU System
Mich. League Meets With Governor's Post-Foreclosure Work Group
LANSING, Mich. (7/30/13)--The Michigan Credit Union League participated in meetings of a governor's work group last week to discuss possible amendments to recently passed state foreclosure-reform legislation. The end goal is to pass any cleanup legislation before the package's effective date in January.
 
The Michigan State Legislature passed several foreclosure-process reform measures during its spring session. Senate Bills 380 and 383, and House Bills 4765 and 4766, backed by the Michigan Credit Union League, repeal the state's 90-day pre-foreclosure workout law upon the upcoming effective date of the new Consumer Financial Protection Bureau's mortgage-servicing regulations. They also provide for a new right of inspection for foreclosed properties after the sheriff's sale and periodically throughout the redemption period (Michigan Monitor July 29).
 
If purchasers find that damage has occurred or is imminent they may commence an early action for summary possession of the property to take it back and extinguish any remaining redemption period.
 
While the bills were passed, the limited time frame at the end of the spring session period did not allow for possible amendments to better define the rights of purchasers and homeowners. Michigan Gov. Rick Snyder requested lawmakers, legislative staff, and interest groups involved in the passage of the original legislation to convene to discuss any necessary or desirable changes to reform laws. 


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