Gov. Jennifer Granholm issued a statement praising the Michigan legislature for passing a bill to give homeowners facing foreclosure an additional 90 days to work out an agreement with lenders to stay in the home and pledging to sign it into law.
“I’m pleased the Legislature has given final approval to legislation that will protect Michigan homeowners by helping them stay in their homes. Nothing symbolizes the American Dream more than the family home, but for thousands of Michigan homeowners, that dream is being jeopardized by the looming threat of foreclosure. By providing a 90-day period during which lenders and homeowners can work together to modify the terms of a mortgage loan and thereby stave off foreclosure, this legislation is a victory not only for homeowners and lenders but also our neighborhoods and communities. I look forward to signing this legislation once it reaches my desk.”