Legislation supported by the Michigan Association of Realtors (MAR) to allow foreclosed properties to keep their principal residence exemption has passed the House & Senate. This important legislation is expected to be signed into law by Governor Granholm within days.
The high number of foreclosed properties on the market lose their homestead exemption and cost buyers, often new homeowners on a tight budge, a lot of extra money in property taxes. This means they can qualify for lower overall mortgage amounts, and since these buyers often have tax escrows, an have a lower monthly payment, too.
For full details, read the entire legislation at http://legislature.mi.gov/doc.aspx?2009-SB-0077
2 comments:
OUCH!!!! Gov. Granholm vetoed this bill. A big hurt - and a big penalty - to buyers of foreclosed properties.
This is a great news for buyers. I think the govt. is doing well to improve the no. of residents in the country. This will really help the people who cannot buy the house.
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