During the economic crisis, in an effort to slow the rate of foreclosures, and to ensure that homeowners had a fair opportunity to request and qualify for a modification of their loans or to make arrangements to cure mortgage defaults, Michigan enacted laws that required a mortgage lender to mortgage mediation to homeowners before they were allowed to foreclose.  Under the law, Lenders who were starting the foreclosure process were required to notify a homeowner request a meeting with the lender to discuss whether loan modifications were available to the homeowner.   If a homeowner did request mediation, the law gave them a 90 day period of time to do that.   Those laws expired in July 2013.    As part of a group of bills that are changing how foreclosures are conducted, Governor Snyder signed a new bill into law which extends the state’s 90-day mediation period through January 10, 2014.  This amendatory act has immediate effect.   You may view the bills at the link below:

http://www.legislature.mi.gov/documents/2013-2014/publicact/htm/2013-PA-0105.htm

http://www.legislature.mi.gov/documents/2013-2014/publicact/htm/2013-PA-0106.htm

If you think that you may be facing foreclosure, or you have more than one mortgage on your home and cannot make your payments, is always important to get the expert help that you need from the attorneys at Resnick & Moss, P.C.   We can help you make the right choices and achieve the best outcomes.  Please do not hesitate to call, Resnick & Moss, P.C., at (248) 642-5400, for a free telephone consultation.