Three bills unanimously approved by both houses of the Michigan Legislature will extend the notice requirement for foreclosure from 30 to 90 days to allow distressed homeowners extra time to work out a loan modification with their lender. Once signed by the governor, the legislation requires homeowners to work with a certified housing counselor and their lender.
Homeowners must meet certain financial standards in order to qualify for a loan modification program. Once signed, the law will allow for court action against any lender refusing to work a loan modification with a qualified homeowner.
Gov. Jennifer Granholm is expected to sign the bill into law, and it will take effect 45 days after she signs it.
Source: mlive.com