One of the existing rules under HARP is about to get a major rewrite during 2012. Currently homeowners whose loans are owned by Fannie Mae or Freddie Mac can refinance their underwater home if the loan to value (LTV) is less than 125% of the appraised value. During 2012 as the major changes to this [...]
Do you realize that many of the contracts, equipment leases and loan documents that you have signed would require a Michigan judge to use other States’ laws in deciding lawsuits rather than Michigan’s? This is because many contracts contain a “choice of law” or “governing law” provision, by which the parties choose to apply the [...]
As a business owner, there is a strong possibility that you have received, or will receive a Writ of Garnishment at some time. It could entail garnishing an employee’s paycheck, or turning over property that you hold for a third party, or owe to a third party. Because a garnishment is an official court document, [...]
The current economic downturn has led to increased public scrutiny of lending practices. Michigan usury laws offer important protection to borrowers by capping the interest rate that lenders can charge. Whether one is a lender or a borrower, it is important to become familiar with the basic law and its many exceptions. Violation of the [...]
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