Tag Archives: Foreclosure

Dec201114

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Federal Court Ruling Diminishes Michigan Property Rights

One of the bedrock principles of Michigan property law is that property held jointly by husband and wife is protected from the claims from one spouse’s creditors. However, a recent federal court ruling has significantly undercut this important property right. In a recent opinion, the Sixth Circuit Court of Appeals (available at http://www.law.justia.com/cases/federal/appellate-courts/ca6/10-1498/11a0580n-06-2011-08-18.html) ruled that [...]

Nov201116

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Breaking: Saurman Reversed

The Michigan Supreme Court this afternoon issued a short (two page) Order that reversed the Court of Appeals opinion in Residential Funding Co. v Saurman, which I discussed previously. The Saurman opinion in the Court of Appeals had ruled that Mortgage Electronic Registration Systems, Inc. (“MERS”) could not foreclose by advertisement in the State of [...]

Apr201127

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MERS Can’t Foreclose By Advertisement

In a significant ruling, a divided panel of the Michigan Court of Appeals recently ruled that Mortgage Electronic Registration Systems, Inc (“MERS”) is not statutorily permitted to foreclose a mortgage by advertisement. MERS was a corporation created by several large mortgage lenders to ease the assignment of loans in the residential marketplace. Rather than record [...]

May200928

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Michigan Legislature Passes New Foreclosure Laws

On May 19, 2009, the Michigan Legislature passed a package of three bills designed to give homeowners facing foreclosure a ninety-day window to meet with their lender and modify the terms of their mortgage.  With the state facing one of the highest foreclosure rates in the nation, lawmakers hope these new laws will ease the [...]