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Berrien County counsel briefs board on resolution backing state bills to bar sale of homeowners'rights in foreclosures
Summary
Corporate counsel told the Berrien County Board the resolution — slated for a full-board vote next week — would support two Michigan House bills that aim to stop firms from buying homeowners'rights to surplus proceeds or the right to redeem a foreclosed property and would require notice to homeowners of those rights before a sale.
The Berrien County Board of Commissioners will consider a resolution next week supporting two Michigan House bills intended to protect homeowners facing mortgage foreclosure, Corporate Counsel Attorney Hackworth told the board.
Hackworth said the bills would do two main things: prohibit third parties from acquiring a homeowner's rights to surplus proceeds generated at a foreclosure sale and prevent firms from buying a homeowner's right to redeem or remain in a property after a foreclosure. "So, any such agreement would be not enforceable. The surplus proceeds would be belong only to…
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