Michigan Foreclosure Prevention Legislation Signed by Gov. Snyder
Booher’s foreclosure prevention legislation signed by Gov. Snyder
LANSING — Gov. Snyder signed legislation on Friday to help Michigan homeowners avoid foreclosure.
The Legislation was sponsored by Sen. Darwin Booher, R-Evart.
“The impact of a foreclosure on the family and the entire community is devastating,” said Booher. “The psychological and financial effect on families is long-lasting and profound.”
Booher also mentioned that foreclosure can depress home values, which “reduces funding for schools and local governments and drives away job providers.”
“By helping homeowners keep their homes, we can have a positive impact of struggling families and our economy,” the Senator said.
In the aftermath of the 2008 banking and housing crisis, many lenders were unwilling to modify mortgages, which would have helped avoid foreclosure.