Lack of Help in Calculations for Michigan Foreclosures Burden Homeowners

by on Foreclosure Crisis

In Michigan, families who lost their homes to foreclosures further lose their last chance in saving the said properties.

Ideally, owners of foreclosed homes are given a grace period of six months to repay their loans and keep their homes. These properties have a great chance of being redeemed just as long as the homeowners know the amount they need to pay.

Unfortunately, because of certain real estate legislation in March 2005, the calculations of liabilities to be answered have been taken from the hands of county registers and passed on to the purchasers of the repossessed homes.

Of course, these purchasers have their own interest to protect. They would not disclose the amount needed to redeem the foreclosed properties so that borrowers would not be able to claim back their mortgaged homes. Original homeowners would complain about the difficulties they encounter in the attempt to contact the purchasers. For families unfortunate enough, they would even be charged more than $200 just for that information.

To address this problem, concerned parties have taken initiatives to push for Senate Bill 1390 – a real estate law that would restore the calculation of foreclosure repayment amounts within the jurisdiction of the government.

With the calculations under the mandate of the county registers, homeowners would have easy access on information necessary to redeem their properties. Only an affordable $50 (or even less) has to be paid.

Based on the Bill, only willing county registers are expected to perform the calculations. Despite the fact that compliance to the Bill is voluntary rather than mandatory, it has not been politically acceptable at the moment.

Nevertheless, hope is not frail. Ample support from the Senators can be obtained with help from the public. With Senate Bill 1390 seeing its way through implementation, a significant number of homes in Michigan shall be saved from foreclosure.