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Governor Signs Bills to Help Prevent Foreclosures

by
Rick Snyder
Rick Snyder

LANSING (WKZO) -- A set of bills designed to help residents avoid foreclosure, is signed by Governor Snyder.

Highlights of the legislation include requirements for lenders to provide written notification to people facing foreclosure.  That notification must include a list of housing counselors, as well as the date the foreclosure proceedings are scheduled to begin.  That way, homeowners can get immediate advice on their situation.

The bills also provide for additional time for homeowners to arrange for a loan modification.  A key part of the legislation prohibits the publication of foreclosures in newspapers.  This provision is designed to help prevent homeowners from being solicited by rescue and modification scams.

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