Taking a New Look at Foreclosure Rules

Mar 10, 2014

     

Credit Wikipedia Media Commons
  Legislation to rewrite or clarify recent changes in Michigan's foreclosure rules has taken a step forward.

     The bill approved 107-3 by the House last week retains main elements of a law signed last summer by Governor Rick Snyder, including taking away someone's right to save his or her property if an inspector discovers the home's in bad shape due to neglect or other reasons.

      But the legislation going to the Senate imposes more restrictions on inspections, provides more notice to borrowers before inspections and gives them more chances to fix damage.

      When he signed the 2013 law, Snyder called on lawmakers to clarify some issues involving inspections.

      One proposed change requires borrowers to get at least 72 hours of notice before interior inspections.