Michigan | Action Alert – HB 4542-4544 Foreclosure Redemption Period to be Permanently Shortened to Three Months from Six

“This is a very pro-banking bill”

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“Michigan would be the first state to make the foreclosure process even faster and the first state to be addressing it by assisting the banks”

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Does proposed Michigan foreclosure law kick owners out too quickly?

GRAND RAPIDS — When Saxon Mortgage foreclosed on Thomas Price’s home of nearly 30 years, the disabled Vietnam veteran was able to raise $6,000 to regain his Highland Avenue SE house during a six month redemption period.

It took the 61-year-old man — who suffers from an incurable respiratory illness — five months to raise that money. That would be two months too late under a new bill in the state House.

The state-mandated redemption period would be permanently shortened to three months from six under the bill.

State Rep. Lisa Posthumus Lyons, R-Alto, one of three sponsors of the package of bills, says those redemption months should be front-loaded into the time of pre-foreclosure negotiation.

But opponents say curtailing redemption time hurts struggling homeowners, will contribute to the already sky-high home vacancy rates in many areas and even further depress home values as the market is starting to recover.

Check out the rest here…

Contact the legislature today…

Contact your Representative

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Bill details below…

New bill in the state House

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4closureFraud.org

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Michigan HO– USE BILL No. 4544

Comments
11 Responses to “Michigan | Action Alert – HB 4542-4544 Foreclosure Redemption Period to be Permanently Shortened to Three Months from Six”
  1. Beth A. says:

    Well, there is no need to shorten the redemption period. The government (state and feds) needs to start working on behalf of the PEOPLE and not the BANKS.

  2. I’m a foreclosure defense attorney in Michigan. The change in the redemption period does not affect my defenses (available in 100% of the cases I’ve seen so far) of (1) fraudulent “Assignment of Mortgage” documents and (2) foreclosures brought by a purported “mortgagee” for a mortgage that lacks any underlying indebtedness. In Michigan, a mortgage that lacks an underlying indebtedness is a “nullity”, meaning: it does not exist as a matter of law. What the law and its companion laws do is to make the Michigan Foreclosure Act permanent. Prior to July, 2009, the Borrower had no protection in an advertisement by foreclosure. The publication of the “Notice of Foreclosure” for 4 weeks in a row, and a posting of the notice on the mail box of the home was all it took. The Michigan Foreclosure Act required the Lender to contact the Borrower, give them a list of state certified housing counselors, and if requested by the Borrower, to meet to negotiate a mortgage modification ‘required'(!) by state law (the total mortgage pmt, taxes and insurance has to be no more than 38% of the household income, but not less than an amount that could be reached by extending the payoff period, dropping the interest rate to 3%, and so on). Almost NO ONE took advantage of the new Act because very few people were informed by attorneys that it exists. However, the Act is set to expire July 1, 2011 !. Then, the Borrowers go back to being without any protection at all. If I and other attorneys can get the word out to other attorneys and all Borrowers about the Act and its protections it would be a very slight cost to drop the redemption period from 6 to 3 months. And, by the way, there is a loop hole as big as your heart for that too. So, I favor the “horse trade” with the GOP. Signed; David R. Justian, Muskegon, MI

  3. B Anderson says:

    Let me just say that this is just another prime example of how MI government tends to be in the back pockets of the bankers and whoever.

    Heck, the former AG of MI had the infamous David Trott of Trott & Trott (robosignors) head up his campaign finance committee.

    Most counties in MI lost population #’s according to the census results…seems many folks are getting smart and getting out of this messed up state. We shall follow. The state is (excuse me for being so blunt) nucking futs.

  4. talktotennessee says:

    Like Tennessee Legislature’s efforts to reduce foreclosure advertising to one entry, or capping legal awards on businesses, this is a similar tactic. What you are witnessing is pro-business Republican efforts to limit the rights of individuals in favor of big business or big banking. It is going to be a hard fight as long as we elect Republicans who trot out their hot button issues for every election, the same, tired old arguments the couch potatoes feed on. Guns, Abortion, Gays, Big Government, Taxes, Deficit, etc. etc. They will put a new twist on it, attack the Democrat as a left-wing, godless, liberal baby-killer who wants to spend your money, raise your taxes, ad nauseum. Never mind that we got in this mess on a Republican watch. Big business and the bankers will support the GOP candidates with mega nasty ads and they will win again. We are losing rights through tort reform to the courts in favor of businesses. We are losing rights in home ownership to the banks for the same reasons.
    Are we really interested in trading Big Government for Corporate Control that is little concerned with our rights? Once our legal rights are lost by Republican controlled state legislatures, they will not be returned.
    Somehow people need to connect the dots!
    No patience for ignorance.

  5. l vent says:

    How can these criminals, these PRETENDER LENDERS still be allowed to FRAUDCLOSE on the AMERICAN PEOPLE? They are obviously not being forced to prove in every FRAUDCLOSURE they are owed any money from homeowners. Obviously this is not being done properly or FRAUDCLOSURES would be HALTED by now, and their would be a NATIONWIDE MORATORIUM on FRAUDCLOSURES and a NATIONWIDE INVESTIGATION INTO THE RAMPANT MORTGAGE FRAUD. THESE FRAUDCLOSURES ARE UNCONSTITUTIONAL. STOP THE ROBBERY OF THE AMERICAN PEOPLE’S HOMES. THESE PRETENDER LENDERS DO NOT OWN THEM AND NEVER DID OWN THEM RESCIND OUR FAKE MORTGAGE LOANS. THEY ARE A SHAM AND A FRAUD! FRAUDCLOSURES ARE JUST ANOTHER GIANT CRIMINAL ROBBERY AND A GIANT SWINDLE OF THE AMERICAN PEOPLE! SOMEONE MUST STOP THESE FOREIGN PRETENDER LENDER THEIVES FANNIE MAE AND FREDDIE MAC!!!!!!

    • housemanrob says:

      Who’s gonna stop them…………..THE PRETENDER GOVERNMENT?

      • l vent says:

        housemanrob, these people probably do not know what is even being done to them. I heard that in 95% of fraudclosures the homeowner doesn’t even try to fight it. That is why the media for the most part has not been talking. I did see a scrawl on Fox about some homeowners that have already gotten fraudclosed on are seeking restitution. The Norman Goldman radio show was talking about how the pretender lenders cannot prove they own jack shit. I haven’t heard Dylan Ratigan say to much lately about FRAUDCLOSUREGATE, though he did have Matt Taibi on his show last week talking about the Wall Street wives and all of that. With the exception of 60 Minutes reporting on the rob-signing scandal very little reporting.

  6. pamelag says:

    i had heard a while back that BOA is’ helping’ detroit mayor knock down all those vacant ‘abandoned’ homes. God Bless America! do you believe me when i tell you the banksters and pharma are in charge. maybe we could publicize court times for the victims who are fighting back? on another note; we all must do NO GAS STATION PURCHASES on the 1 & 15 of each month. BOYCOTT BOYCOTT BOYCOTT all the $ worshipers

  7. They must be jealous that New Orleans beat Detroit as the fastest shrinking city in the country over the past decade. Most people realize that being destroyed by a hurricane skews the figures somewhat; I mean, any city can shrink really fast if it’s annihilated, but those MI legislators are a competitive bunch after all.

    Or maybe they’ve bought into the bankers myth that more foreclosures will lead to increased home prices. Even ignoring the legal and moral issues nobody, including Geithner himself when questioned, has been able to explain how increasing supply raises prices, but since they say it then surely it must be true: that group is known for their honesty and integrity.

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