Is help on the way from Lansing?

http://www.metrotimes.com/news/story.asp?id=13791

Michigan has the highest unemployment rate in the country - over 11%. Southeast Michigan has 2/3 of the state's foreclosures but just under 1/2 of the population. This combination of factors is driving residential property values down in dramatic fashion. Even though Metropolitan Detroit never saw the wild run up in prices from the "bubble" experienced on the coasts and around cities like Las Vegas and Phoenix, we are now suffering with those markets as home values give up more than 11 years of appreciation.

Lansing has been slow to act, but there now seems to be some interest among State Legislators to do something to address this situation that has brought middle class Michiganders to their knees. You can track the progress of three of the bills making their way toward the Governor's desk for signature at the links below:

House Bills 4453, 4454, and 4455 would change the process by which foreclosures are conducted providing more due process to home owners and requiring lenders to consider loan modification. Importantly, if signed into law, these Bills would add additional requirements to a lender seeking to foreclose a property by advertisement and allow the borrower to force the lender into court if the requirements were not complied with. Such protections, at the very least, would serve as a stalling tactic for home owners which may increase their bargaining power in short sale or deed in lieu negotiations.

http://www.legislature.mi.gov/(S(tyrhks2yeumjdnm45gmr5v55))/mileg.aspx?page=getObject&objectName=2009-HB-4453

http://www.legislature.mi.gov/(S(tyrhks2yeumjdnm45gmr5v55))/mileg.aspx?page=getObject&objectName=2009-HB-4454

http://www.legislature.mi.gov/(S(tyrhks2yeumjdnm45gmr5v55))/mileg.aspx?page=getObject&objectName=2009-HB-4455