Summary
The latest housing figures for Michigan were recently released and, unfortunately, the news isn't good. Foreclosure rates are up approximately 25 percent over this time last year, which means our state's housing crisis will only get worse if we don't take drastic steps soon to help residents keep their homes.
The first bill in the package allows a property owner to ask the court for a two-year stay on all mortgage foreclosure proceedings until the period of redemption. During this two-year period, the court may take into account the property owner's financial status and ability to pay in determining the new payment amount. Another bill in the package would allow a properly owner to ask the court for a two-year stay on foreclosure proceedings based on failure to pay property taxes.Since the year began, the Senate has passed several bills I sponsored that will regulate loan officers and bring accountability to the mortgage industry, and offer consumers new loan products through the Michigan State Housing Development Authority (MSHDA) to transition into affordable fixed-rate mortgages.See the full content of this document
Extract
Let's Put Freeze On Foreclosures
The latest housing figures for Michigan were recently released and, unfortunately, the news isn't good. Foreclosure rates are up ...
See the full content of this document
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