Home > Uncategorized > Lenders Foreclosing on Residential Mortgages Must Still Offer 90-Day Foreclosure Moratorium: Sunset is Extended to June 30, 2013

Lenders Foreclosing on Residential Mortgages Must Still Offer 90-Day Foreclosure Moratorium: Sunset is Extended to June 30, 2013

Lenders who were hoping the 90-day postponement on many foreclosure by advertisements would come to an end December 31, 2012 will have to wait another 6 months.

 In 2009 the Legislature created a 90-day moratorium on foreclosure by advertisement to provide borrowers a chance to negotiate a loan modification with their lenders if the property was their principal residence.  Given the apparent stabilizing of the housing market, this program was set to end December 31, 2012. However  on December 12, Senate Bill 1172 was passed by both the House and the Senate- extending the 90-day moratorium on Foreclosure by Advertisement through June 30, 2013.

For more information, see the Legislative analysis here:

http://www.legislature.mi.gov/documents/2011-2012/billanalysis/Senate/pdf/2011-SFA-1172-B.pdf

 

 

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Categories: Uncategorized
  1. January 4, 2013 at 2:16 am

    Some genuinely interesting info, well written and loosely user pleasant.Its honor to visit your site.
    Brian Linnekens

  2. Karen Robinson-Roach
    January 11, 2013 at 2:55 am

    Hi- I live in Massachusetts. And I was wondering if the foreclosure by advertisement 90 day moratorium extended to June 30, 2013, is just in the state of Michigan? Does it apply to other states that are foreclosure by advertisement? Thank you- Sincerely, Karen Robinson-Roach

  3. Karen Robinson-Roach
    January 11, 2013 at 2:59 am

    I just posted a comment.I hope that you can answer it, please. Thanks-Karen Robinson-Roach

    • January 11, 2013 at 8:25 am

      Karen,

      This is a Michigan statute, so it only applies to the State of Michigan. I believe the Massachusetts legislature, like many other states, has at times proposed laws similiar to Michigan, but I am uncertain as to the current state of the law in Massachusetts.

      • Karen Robinson-Roach
        January 11, 2013 at 10:15 am

        Thank you

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