Legal Question in Real Estate Law in Michigan
Government refi plan
How can I find someone who knows about the Presidents speech of refi home with federal guarntee for arms rising. Everyone I call says there is no such Government plan. I seen it several times on tv and also read it in the paper but, no knows anything?
1 Answer from Attorneys
Re: Government refi plan
What you are referring to is the Mortgage Reform & Anti-Predatory Lending act of 2007. Information can be found at www.usa.gov if you do a "mortgage" search.
It appears as though it has been referred to the Senate Committee of Committee on Banking, Housing, and Urban Affairs for further review/approval.
This means it has not yet become law so you cannot yet take advantage of proposed benefits. You can read the full text online and write to your US Senator if you are in favor of this.
In the meantime, try contacting the Michigan State Housing Development Authority (MSHDA) to see if you qualify for any of Governor Granholm's statewide initiatives against foreclosure announced 10/12/07. I can't put a phone number in my message so try going to Michigan.gov and do a search for either 'mortgage' or MSHDA.
Best wishes!
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