Sunday, June 9, 2013
WJR's Annette Compo Weighs in on Foreclosure Legislation in Lansing
I will take this up later, but thought it important to get Annette's press release out there. As an investor, I have mixed emotions. As a homeowner, I oppose this legislation.
FOR IMMEDIATE RELEASE
Annette Compo, Real Estate Broker
Legislation has been drafted in both the State House and Senate that aims to shorten Michigan’s 6-month foreclosure redemption period.
Michigan’s current 6-month redemption period is vital to completing short sales, loan modifications and other types of homeowner to homeowner transactions that avoid vacant and foreclosed homes. Home Owner to Home Owner sales is the most attractive due to nature of transferring the real estate as well as the sales price in much higher. By allowing the set of Bills to be pushed through will not only affect consumers negatively but also affect anyone that owns a home due to the nature of volatility that our Real Estate Market has been in since 2007. We have begun to experience an increase in sale prices across Michigan and consumer confidence has begun to recover as well. These Bills will create a foreclosure Tsunami and will affect every neighborhood within Michigan and the little consumer confidence that has begun to grow recently will be washed away.
Here is how you can help: We are asking you to tell your elected officials actual stories about how the redemption period benefits Michigan home values by allowing short sales and other types of transactions to close for the betterment of all. Below is a link to find your State Representative and State Senator. Let them know of your experience in working with homeowners during the foreclosure process, and how vital the current redemption period is to complete homeowner to homeowner transactions that preserve Michigan’s neighborhoods and home values.
Michigan Senate: http://www.senate.michigan.gov/fysenator/fysenator.htm
Michigan State House of Representatives: http://www.house.mi.gov/MHRPublic/
Annette Compo is the popular host of Real Estate 411, heard weekly on Saturdays from 6-7pm on 760AM WJR. Annette is a Real Estate Broker and has been helping consumers understand all options when making decisions with their largest investment, their real estate.