Mich. Bill Could Cut Foreclosure Redemption Period

By: Associated Press
By: Associated Press

LANSING, Mich. (AP) -- Michigan lawmakers are considering changes to Michigan's foreclosure law, including a measure that would significantly shorten the period homeowners have to sell or save their foreclosed property.

Legislation recently approved by the Senate Banking and Financial Institutions Committee would shorten the foreclosure redemption period, the time when homeowners can challenge the legality of a foreclosure, sell their home or find a new one.

In most cases, it would be reduced from six months to just 60 days.

Supporters say new federal regulations that start in January will provide people with more time to avoid foreclosures. But opponents say shortening the redemption period will be devastating for homeowners struggling to keep their property.

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