Oakland County, Michigan, Wednesday, November 12, 2008, -- Ruth Johnson, the Oakland County Clerk/Register of Deeds and Carmella Sabaugh, the Macomb County Clerk/Register of Deeds, are expected to testify tomorrow (Thursday, Nov. 13) before the Michigan Senate Banking Committee in favor of a bill that would help families save their homes from foreclosure.

Senate Bill 1390 would restore the ability of county registers to calculate the amount of money needed to redeem a foreclosed home and provide it to the homeowner. County registers were allowed to provide that information until the law was changed in 2005.

Most homeowners who lose their homes to foreclosure have six months - after the home has been sold at sheriff's sale - to redeem their home. Unfortunately, some owners able to scrape up enough money to redeem their homes during that period are having difficulty obtaining the amount owed to the investor who purchased the home.

Some investors and other lending institutions are charging those homeowners as much as $200 to provide the amount, which takes just minutes to calculate.

 "This is unacceptable, particularly for families already in a financial crisis," Johnson said. "The last opportunity they have to save their home should not be stolen from them. Home ownership is too important to the stability of our counties and our state."

"This will help homeowners in Macomb County and I thank Ruth Johnson for taking the lead," said Sabaugh.  "We think we can provide this service for homeowners on the Internet or assist them in our office."

Johnson said SB 1390 would not mandate that all county registers provide the information, only allow those county registers who want to provide the service to do so. A reasonable fee, up to $50, could be charged to cover the expense of providing the amount, Johnson said.

It is important, Johnson said, that the law include immunity for the county registers as well as a grace period to allow any discrepancies to be remedied without financial penalty to both the investor and the homeowner.

Johnson, a Republican, thanked Sabaugh for her support and her bipartisan effort, critical given Michigan's economic struggles. Johnson worked with Sen. Nancy Cassis (R-Novi) to introduce the bill in the state Senate. Sabaugh, a Democrat, is working with Rep. Fred Miller (D-Mount Clemens) on this issue in the state House.

"Owning a home is part of the American Dream," Johnson said.  "We have to do everything we can to make sure everyone has the opportunity to hold onto that dream."

Oakland County is expecting as many as 10,000 foreclosures this year alone. Macomb County is expected to see more than 6,000 foreclosures this year.

The Senate Banking Committee, chaired by Sen. Randy Richardville, (R- Monroe) will meet in the ground floor Senate Hearing Room of the Boji Tower, 124 West Allegan, Lansing, MI  48933 on Thursday, November 14, 2008 at 8:30 a.m.