Wednesday, October 20, 2010

The Foreclosure Moratorium in Michigan

Here is a direct quote from the powers that be within the Michigan Association of Realtors on the moratorium's effect (or lack of) for Michigan.

“The Michigan Association of REALTORS has met with experts in the field and state government to discuss recent national developments on foreclosures and their potential impact on our state. That impact, to date, is minimal or non-existent. Michigan is a “non-judicial” foreclosure state, meaning that Michigan’s legal protections for consumers and homeowners do not involve the procedures in question. Valid real estate contracts and mortgages remain enforceable and unchanged. There are no major anticipated legal challenges associated with recent headlines that will have an effect on our state.”

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