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HB 4454 - Written Foreclosure Notice Requirement - Michigan Key Vote

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Title: Written Foreclosure Notice Requirement

Vote Smart's Synopsis:

Vote to pass a bill that allows borrowers behind on their mortgage payments to negotiate with lenders to modify the mortgage loan and delay foreclosure.

Highlights:

-Requires a written notice to be sent to the borrower before foreclosure that contains the reason for the mortgage loan default, the remaining amount due, and contact information for the mortgage holder and mortgage servicer (Sec. 1). -Allows a borrower who does not receive a written notice before foreclosure to bring action in a circuit court (Sec 1). -Postpones foreclosure proceedings for 90 days if the borrower requests a meeting with the mortgage servicer and a housing counselor (Sec. 1).

Full Bill Text

See How Your Politicians Voted

Title: Written Foreclosure Notice Requirement

Vote Smart's Synopsis:

Vote to pass a bill that allows borrowers behind on their mortgage payments to negotiate with lenders to modify the mortgage loan and delay foreclosure.

Highlights:

-Requires a written notice to be sent to the borrower before foreclosure that contains the reason for the mortgage loan default, the remaining amount due, and contact information for the mortgage holder and mortgage servicer (Sec. 1). -Allows a borrower who does not receive a written notice before foreclosure to bring action in a circuit court (Sec 1). -Postpones foreclosure proceedings for 90 days if the borrower requests a meeting with the mortgage servicer and a housing counselor (Sec. 1). -Rep. Coulouris sponsored the substitute text.

NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.

Full Bill Text

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