Michigan Lawmakers Propose Move To Slash Post-Foreclosure Redemption Period In Half
The Grand Rapids Press reports:
- When Saxon Mortgage foreclosed on Thomas Price’s home of nearly 30 years, the disabled Vietnam veteran was able to raise $6,000 to regain his [...] house during a six month redemption period. It took the 61-year-old man — who suffers from an incurable respiratory illness — five months to raise that money. That would be two months too late under a new bill in the state House.
- The state-mandated redemption period would be permanently shortened to three months from six under the bill.
For more, see Does proposed Michigan foreclosure law kick owners out too quickly?
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