Michigan Governor Signs Foreclosure Bills

""Michigan Governor Rick Snyder"":http://www.michigan.gov/ signed a set of bills last week that will impact that the state's foreclosure laws.

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One of the bills, SB 383, maintains the state's 180-day redemption period that gives the original homeowner time to reclaim the property or short sell the home after a foreclosure. However, the bill also includes a provision that allows the purchaser at the sale to inspect the home during the redemption period. If certain damages are found--such as boarded up or closed off windows--then the right to the redemption period is taken away from the homeowner.

Another bill, SB 380, extends the state's 90-day negotiation period, which allows homeowners to seek out a modification from their lender, to January 10, 2014.

Snyder in a related letter called on the state's legislature to clarify parts of the new laws and revealed plans to convene a workgroup to seek solutions to the issues.