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 whoever currently owns the mortgage contract). 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 Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To remove the "tie-bar" that requires some related bills to go into law before this one can.
The amendment passed by voice vote
Passed in the Senate 37 to 0
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
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
The substitute passed by voice vote
Amendment offered
by
To eliminate the "tie bar" that requires several related bills to become law for this one to.
The amendment failed by voice vote
Passed in the House 103 to 6 (details)
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.
Passed in the Senate 28 to 10 (details)
