© 2024 Michigan State University Board of Trustees
Public Media from Michigan State University
Play Live Radio
Next Up:
0:00
0:00
0:00 0:00
Available On Air Stations

Governor says she's anxious to approve foreclosure relief

By Rick Pluta, Michigan Public Radio Network

Lansing, MI – The state Senate is expected to vote this week on legislation to help homeowners struggling to make their mortgage payments. Governor Granholm says she's anxious to sign it.

Michigan had the nation's sixth-highest foreclosure rate in the first quarter of 2009, and reported roughly 11 thousand foreclosure filings last month.

The legislation is the product of a bipartisan compromise, and Governor Granholm says it's desperately needed. In her weekly radio address, she said that fewer than 20% of people in default communicate with their lender or a counselor soon enough to mitigate the situation.

The state House approved the legislation last week. It would give homeowners facing foreclosure a 90-day window to sit down with a credit counselor and their lender to work out a new arrangement. It might include lower interest rates, or reducing payments by spreading out the length of the loan.

Journalism at this station is made possible by donors who value local reporting. Donate today to keep stories like this one coming. It is thanks to your generosity that we can keep this content free and accessible for everyone. Thanks!