LANSING -- The 90-day foreclosure prevention program could expire on July 5th, but one Senator is trying to extend it.
Sen. Mike Green is trying to pass legislation that would extend the foreclosure prevention program by two years. He says it “encourages cooperation between lenders and homeowners. It helps people remain in their homes while benefiting lenders by getting mortgages current again.”
Sen. Green states that under this program, mortgage lenders have to provide a notice before the foreclosure process begins that provides homeowners with a list of counselors available. Once a homeowner has the help of a counselor, he/she can then negotiate with the lender, and take steps to avoid foreclosure.
The bill has been referred to the Senate Committee on Banking and Financial Institutions for consideration.
How do you feel about this bill? Does it prevent unnecessary foreclosures, or does it hurt mortgage lenders from getting their monthly payments?
