2010 House Bill 6340

Restrict MSHDA mortgage foreclosures

Introduced in the House

July 21, 2010

Introduced by Rep. Rashida Tlaib (D-12)

To mandate that before initiating “foreclosure by advertisement” proceedings for a mortgage guaranteed by the Michigan State Housing Development Authority, the lender must send a notice and attempt to schedule a meeting between with the borrower, and negotiate various other procedures and requirements. A lender could still undertake judicial foreclosure proceedings, which are more costly and time consuming than foreclosure-by-advertisement.

Referred to the Committee on Urban Policy