Legislature on Summer Break, but work continues on foreclosure language
Last month, Senate Bill 383, now Public Act 104 of 2013, was signed into law by Governor Snyder. As you may recall, the initial legislative proposal was to shorten Michigan's 6 month redemption period down to 2 months. With the signing of the new law, homeowners will still have the benefit of the 6-month redemption period in order to pursue short-sales and other transactions that provide for homeowner-to-homeowner transfers. In addition, Senate Bill 383 expands upon the current law providing for criminal penalties for damage done during the redemption period by providing lending institutions with the flexibility to perform inspections on the property after Sheriff Sale to make sure it is being kept up and not being stripped of its valuables. If the bank finds that the property is being stripped of its possessions or vandalized, the bank may take the homeowner to court to accelerate the redemption period.
While we applaud the work of the legislature on this bill, work continues to provide "clean up" language that protects both the consumer and the community. As written, the legislation is somewhat vague pertaining to home inspections and notices. The MAR has been involved in workgroup discussions with members from the executive and legislative branches, as well as other stakeholder groups throughout the summer in the hopes to provide clear parameters for both the homeowner and the servicer. The MAR will continue to update the membership as these meetings progress.
The REALTORS® Political Action Committee (RPAC) is the best way a REALTOR® can protect their business. RPAC is the only grassroots and issues mobilizing force that exists to protect and promote the tradition of home ownership and real estate investment.
By contributing to RPAC, you are able to support REALTOR® friendly legislators who believe in our industry and believe in protecting private property rights, perserving the American dream of home ownership, fighting for tax reforms and reducing burdensome regulations on our business.
MI RPAC has saved both REALTORS® and homeowners thousands of dollars each year. From protecting private property rights, to fighting off burdensome regulation, RPAC continues to promote homeownership and real estate investment.
|Defeated proposals to tax commission||$1,700|
Defeated legislation to include REALTORS under the MI Consumer Protection Act
|Retaining the Mortgage Interest Deduction||Homeowner savings: $2,376|
|Eliminated the MBT and 22% Surcharge||Broker savings in taxation: $968 annually|
|Fought off costly point of sale mandates||Homeowner savings: $2,500|
|Banned Private Transfer Fees||Homeowner savings: $1,080 annually|
|Held off expansion of the Real Estate Transfer Tax||$1,150 per transaction|
|Eliminated the Wall License posting requirement||Broker savings: $200 annually|
|Preventing Banks from entering in Real estate||$6,250 annually|
|Prevention of 10% down payment of FHA Loans||$3,225|
|Enhancement of the Principal Residence Exemption||Homeowner savings: $1,358|
|Defeating the Property Environmental disclosure||$30+ million annually|
|Forgiving Mortgage Debt||$606 million|
Investors who have contributed $5,000 first year and sustain $2,500 annually
Debra Gould, Keller Williams Ann Arbor
Investors who have contributed $500 annually.
Jeff Fletcher, Fletcher Inspection
Brent Flewelling, The Charles Reinhart Company
Todd Lands, The Charles Reinhart Company
Andrew Piper, Keller Williams Saline
Investors who have contributed $200 annually.
|David Lutton, The Charles Reinhart Company||Nancy Merdzinski, Ann Arbor Area Board of REALTORS|
|Tammi Ebenhoeh, The Charles Reinhart Company||Aleksandr Milshteyn, Howard Hanna|
|Victoria Evans, Howard Hanna||Joe N. Peoples, The Charles Reinhart Company|
|Richard Jarzembowski, The Charles Reinhart Company||Linda Schaner, RE/MAX Platinum|
|Franklin McVeigh, The Charles Reinhart Company||Gary Selesko, Cislo Title Company|
|Teri McDaniel, DFCU Financial|
Investors who have contributed $100 annually.
|Nancy Bowerbank, The Charles Reinhart Company||Paul Lubienski, Arbor Realty Group|
|Leslie Butler, Law Offices of Leslie A. Butler||Matthew Miller, The Charles Reinhart Company|
|James Carey, The Charles Reinhart Company||Tracey Roy-Williams, The Charles Reinhart Company|
|Julie Diaz, Commission Express of Michigan||Vance Shutes, Real Estate One|
|James Fink, Fink & Valvo, PLLC||Sandra Smith, Trillium Real Estate|
|Glacier Liao, The Charles Reinhart Company||Kirk Spangler, Real Estate One|
|Marygrace Liparoto, The Charles Reinhart Company|