New Buffalo Savings Bank with offices in New Buffalo, Sawyer and Three Oaks, Michigan, serves all of Harbor Country.
STRAIGHT TALK
Comments from Ron Farina, CEO and President New Buffalo Savings Bank.
STRAIGHT TALK #3:
House Bill #4454
New Foreclosure Law in Michigan
New Foreclosure Law in Michigan
If for any reason you are having trouble making your mortgage payment, contact your lender. Here’s why:
A new Michigan law, House Bill 4454, modifying foreclosure and loan modification rights, takes effect on July 5, 2009. The new foreclosure law covers mortgages on a primary residence. When a mortgage payment is 30 days late, the loan is in default. Under the new law, within seven days after a lender sends a notice of default, it is now mandatory for the lending institution to publish the notice of default in a local newspaper. Previously, only foreclosure notices had to be published.
This notice of default posting will include the name and address of the borrower and other potentially embarrassing information. Publication of the default notice is now mandated by the new law. And, once the default notice is sent by mail, nothing can stop the public notice. By law, it must be published.
House Bill No. 4454 was intended to give the borrower an opportunity to prevent foreclosure. The public posting in the newspaper is meant to reach those who may not realize their loan is in default and have not received the notice by standard or registered mail because the borrower moved or did not maintain contact with their lender. However the law was intended, it has the potential to upset and embarrass people who are already under a great deal of stress. If you foresee difficulty in paying your mortgage on time, contact your lender immediately. At New Buffalo Savings Bank, we prefer to speak with our customer to work toward a cooperative solution to keep their loan out of default or foreclosure. The new law, although well intentioned, is no substitute for communication between you and your bank.
Ron Farina
President, CEO New Buffalo Savings Bank
STRAIGHT TALK #1:
BORROWING IN TODAY'S ECONOMIC CLIMATE
Providing banking services to New Buffalo, Three Oaks, Sawyer, New Troy, Michiana, Union Pier, Lakeside, Harbert, Grand Beach, Bridgman, Harbor Country Michigan, and NW Indiana.