Legislation Streamlining the PRE Filing Process for Lenders on Foreclosures on the Move

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    By Michigan RealEstateRama -

    WASHINGTON, D.C. – April 17, 2013 – (RealEstateRama) — With the passage of the Principal Residence Exemption (PRE) Enhancement legislation last year, lenders were able to retain the PRE on a foreclosed property, but they must still pay the 18 non-homestead mills in local school operating property taxes. There has been some concern from lenders and local governments regarding the arduous process of filing to retain the PRE on foreclosed properties and instituting the new specific tax. Many forego the cumbersome process

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