90-day Foreclosure Negotiation Law Extension Passes Committee

The House Banking Committee this week passed SB 398 (which was previously passed by the Senate). This bill extends the 90-day pre-foreclosure negotiation law for another six months.  It will allow for discussion of this law for another six months in the Legislature and will prevent the existing law from expiring on July 1^st.

The League is supportive of this law as a tool to prevent property value deterioration in communities, and has been working with the Michigan Foreclosure Prevention Task Force.  There are many issues that need to be worked out on this and the extension will allow for the appropriate negotiations. 

This bill is expected to become law before July 1^st.

Andy Schor is the Assistant Director of State Affairs for the Michigan Municipal League. Contact him at (517) 908-0300 or by email at aschor@mml.org.