clock menu more-arrow no yes

Filed under:

Slowmo Foreclo

U.S. Rep. Hansen Clarke (D-Detroit) knows you don't like to be rushed. That's why he is introducing a bill this week to make foreclosures happen in slow motion. He wants homeowners to get up to three years to keep working with banks and other lending institutions and is calling it the "Save Our Neighborhoods Act." Under the proposed law, homeowners could ask the court to pause the foreclosure process. The bank would then meet with the homeowner within 30 days of the beginning of the foreclosure process to discuss a mortgage modification. If there is no agreement, homeowners would be allowed up to three years to pay toward the mortgage. [MLive]