Introduced
by
To prohibit a lender from using “foreclosure by advertisement” of a principal residence (the most common form of foreclosure, less costly and prolonged than judicial foreclosure) if the lender complied with federal regulations regarding mortgage servicer policies and procedures, or a “modification agreement” had been made between the debtor and the person who lent the money (or to whom the loan was sold or transferred). The bill revises a <a href="http://www.michiganvotes.org/2009-HB-4453">2009 law</a> that imposed a mandate that lenders must give a delinquent debtor 90 days to negotiate a revision of the loan terms.
Referred to the Committee on Financial Services
