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Fri July 5, 2013
Foreclosure changes signed into law
LANSING, MI (AP)-- Governor Rick Snyder has signed into law changes in Michigan's home foreclosure rules but is calling on lawmakers to swiftly enact more legislation to clarify some issues.
Bills signed Wednesday keep intact the redemption period when homeowners can challenge a foreclosure's legality. An earlier version of the legislation would have reduced the period from 6 months to 60 days.
One contentious provision in the new law takes away someone's right to save his or her property if an inspector discovers the home is in bad shape due to neglect or other reasons.
Snyder says he'll convene a workgroup within the next week to work on legislation clearly stating what constitutes a reasonable inspection. He also wants to specify what notice must be given and how frequently inspections can occur.