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| Michigan's New Mortgage Foreclosure Laws Effective July 5, 2009 July 6, 2009 Recent changes to Michigan's Foreclosure by Advertisement Statute became effective on July 5, 2009, giving Michigan homeowners 90 days of breathing room to seek foreclosure avoidance options. The new law imposes onerous notice requirements on Mortgage companies to ensure that homeowners get notice of the last chance opportunity to discuss alternatives. As long as the homeowner answers the required certified letter within 14 days, the foreclosure process is put "on hold" for 90 days to give the homeowner time to meet with their mortgage company and explore whether the loan can be modified to make the monthly payments more affordable.
Governor Granholm signs mortgage foreclosure legislation. May 20, 2009: Michigan's Governor Jennifer Granholm signed Public Acts 29, 30 and 31 on May 20, 2009. The new laws become effective on July 5, 2009 and substantially modify Michigan's Foreclosure by Advertisement Statute. The laws basically provide a 90-day period during which the borrower has an opportunity to enter into a loan modification. Under the new laws, the party foreclosing on a mortgage must serve a written notice on the borrower before the foreclosure can proceed. The notice must be sent via fist class mail AND by certified mail with a return receipt requested and delivery restricted to the named borrower. The foreclosing party must also publish a proper notice of foreclosure in a publication in the county where the borrower resides. As long as the borrower makes a request within 14 days after the notice is sent, to meet with the borrower, then foreclosure proceedings cannot commence for a period of 90 days from the day the notice was mailed. If the borrower qualifies for a loan modification, but the lender refuses to enter into a modification with the borrrower, the lender cannot foreclose by advertisement, but can still foreclose by filing a lawsuit and proceeding with a judicial foreclosure.
Paul J. Raine, PLLC supports "A Lawyer Helps" program. April 22, 2009: Paul J. Raine, PLLC is proud to announce support of the new State Bar of Michigan "A Lawyer Helps" program. The new program encourages lawyers to participate in Pro Bono Services, Community Service and support of the Access to Justice Fund. The Troy, Michigan law firm has promised to exceed the State Bar of Michigan Voluntary Pro Bono Standard, which contemplates free or reduced fee legl services for low-income individuals and groups. The Pro Bono Standard, promulgated by the State Bar of Michigan suggests: In addition to the firm's Community Service efforts, Paul J. Raine, PLLC today announced a self-imposed commitment to meet or exceed all three components of the Michigan Pro Bono Standard.
Tax day marks end to foreclosure and eviction moratoriums. April 15, 2009: Fannie Mae, Freddie Mac and several banks have lifted the self-imposed moratoriums on foreclosures and post-foreclosure evictions. The floodgates are now open to a new wave of foreclosures and evictions.
Countrywide to pay $1,800 to each borrower that fell victim to foreclosure. March 20, 2009: The Michigan Attorney General's office announced that Countrywide Home Loans (now Bank of America) will pay up to $1,800 to former homeowners in Michigan. More details will be avaiable in June, 2009. The payments were negotiated as part of a settlement of claims that Countrywide participated in predatory lending practices. The payments are expected to be paid to over 3,000 Michigan residents. Countrywide settlement FAQ
Fannie Mae moratorium extended until March 31, 2009. March 6, 2009: Fannie Mae once again extended the moratorium on post-foreclosure evictions through March 31, 2009. Fannie Mae extends moratorium through March 6, 2009. February 13, 2009: Fannie Mae announced today that the moratorium on foreclosures and post-foreclosure evictions will be extended through March 6, 2009. Fannie Mae News Release 2-13-09
Foreclosure Freeze Continued by Fannie Mae and Freddie Mac January 30, 2009: Fannie Mae and Freddie Mac today announced that they will continue suspension of home foreclosures and evictions until the end of February, 2009. A similar extension was announced earlier this month, extending the moratorium through the end of January. Both organizations also announced a leasing program for renters who find themselves facing a possible post-foreclosure eviction. Fannie Mae News Release 1-30-09 Freddie Mac News Release 1-30-09
Foreclosure Freeze Announced by Fannie Mae and Freddie Mac November 20, 2008: Fannie Mae and Freddie Mac today announced that they will suspend home foreclosures until January 9, 2009. Both organizations will halt foreclosures while they work with mortgage servicers to implement the new streamlined loan modification program. This announcement brings immediate relief to borrowers who are already 90 days behind in their mortgage payments and are facing imminent foreclosure. The announcements from each organization can be found below: Fannie Mae News Release Freddie Mac News Release
CLIENTS OF COUNTRYWIDE GET RELIEF IN MICHIGAN October 6, 2008: Countrywide Financial reached a settlement with the State of Michigan. The settlement benefits Michigan residents with loans originated by Countrywide. Under the terms of the settlement, thousands of Michigan residents may have their loans refinanced, while others will receive relocation assistance or other forms of assistance from Countrywide. The settlement was announced today by the Michigan Attorney General, Mike Cox.
MORTGAGE FORECLOSURE SEMINARS HELD MONTHLY IN WASHINGTON TOWNSHIP
TROY, MI, September 15, 2008:
Troy attorney Paul Raine will continue conducting mortgage foreclosure seminars on the last Saturday of each month. Seminars will be held at noon in the clubhouse of the Apartments at Kirkway on 27 Mile Road near M-53 in Washington Township. In the hour-long seminar, Mr. Raine covers the pre-foreclosure, redemption and eviction stages of the foreclosure process. Mr. Raine emphasizes the various options and alternatives available to homeowners facing foreclosure problems. The seminars are open to the public, but you must call to reserve a seat if you plan to attend. Please call Nancy or Dawn at 586-786-9401.
ATTORNEY PAUL RAINE CONTINUES MORTGAGE FORECLOSURE SEMINARS IN STERLING HEIGHTS AND WASHINGTON TOWNSHIP
TROY, MI, JULY 12, 2008:
Troy attorney Paul Raine will continue conducting mortgage foreclosure seminars on the last Saturday of each month. Seminars will be held at noon in the clubhouse of the Apartments at Kirkway on 27 Mile Road near M-53. The Preserves in Sterling Heights also hosts seminars at 2:30pm in the clubhouse. The Preserves is located on the west side of Ryan Road, just south of South Boulevard. In the hour-long seminar, Mr. Raine covers the pre-foreclosure, redemption and eviction stages of the foreclosure process. Mr. Raine emphasizes the various options and alternatives available to homeowners facing foreclosure problems. The seminars are open to the public, but you must call to reserve a seat if you plan to attend. For noon seminars at the Apartments at Kirkway, please call Nancy or Danielle at 586-786-9401. For the 2:30 Seminars at The Preserves in Sterling Heights, please contact Pat at 586-997-0953
TROY ATTORNEY CONDUCTS MORTGAGE FORECLOSURE SEMINARS
TROY, MI, APRIL 4, 2008:
Troy attorney Paul Raine recently conducted a Michigan Foreclosure Seminar in Washington Township. The first in a series of seminars was held on Saturday, March 29th in the clubhouse of the Apartments at Kirkway on 27 Mile Road near M-53. In the hour-long seminar, Mr. Raine covers the pre-foreclosure, redemption and eviction stages of the foreclosure process. Mr. Raine emphasizes the various options and alternatives available to homeowners facing foreclosure problems. Future seminars are planned to start at noon on Saturday, April 26th and Saturday, May 31st. The seminars are open to the public, but you must call to reserve a seat if you plan to attend by calling Nancy or Danielle at 586-786-9401.
PAUL J. RAINE APPOINTED TO LEAD STATE BAR TECHNOLOGY COMMITTEE
TROY, MI, JANUARY 11, 2008:
Paul J. Raine, Esq., was recently appointed by Ron Keefe, President of the State Bar of Michigan, to chair the newly formed Standing Committee on Technology. The committee is chartered to assist the State Bar in evaluating, promoting, and implementing new technologies in law practices, courts, and bar associations, to provide greater service to lawyers and the public.
Mr. Raine also serves on the State Bar’s Representative Assembly and served as chair of the Computer Law Section of the State Bar in 2005-2006. Mr. Raine is an adjunct professor at Walsh College in Troy, where he has taught classes in Leadership and Ethics for the past 7 years. Mr. Raine is the owner of the Troy-based law firm of Paul J. Raine, PLLC. | |
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