Introduced
by
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 Government Operations
Reported without amendment
With the recommendation that the bill be referred to the Committee on Banking and Financial Services.
Referred to the Committee on Banking and Financial Services
