HOUSE BILL NO. 4306

March 07, 2019, Introduced by Reps. Cole, Cynthia Johnson, Calley, Filler and Meerman and referred to the Committee on Government Operations.

"Revised judicature act of 1961,"

by amending section 3212 (MCL 600.3212), as amended by 2011 PA 301.

the people of the state of michigan enact:

Sec. 3212. Every A notice of foreclosure by advertisement shall must include all of the following:

(a) The names of the mortgagor, the original mortgagee, and the foreclosing assignee, if any.

(b) The date of the mortgage and the date the mortgage was recorded.

(d) A description of the mortgaged premises that substantially conforms with the description contained in the mortgage.

(e) A description of the property by giving its street address, if any. The validity of the notice and the validity of any eventual sale under this chapter are not affected by the fact that the street address in the notice is erroneous or that the street address is omitted.

(f) (e) For a mortgage executed on or after January 1, 1965, December 31, 1964, the length of the redemption period as determined under section 3240.

(g) (f) A statement that if the property is sold at a foreclosure sale under this chapter, under section 3278 the borrower will be held responsible to the person who buys the property at the mortgage foreclosure sale or to the mortgage holder for damaging the property during the redemption period.

(h) The name, address, and telephone number of the attorney for the party foreclosing the mortgage.

(i) A statement in the following form: "This firm is a debt collector attempting to collect a debt. Any information we obtain will be used for that purpose.".

(j) For a residential mortgage, a statement in the following form: "Attention homeowner: Are you a homeowner who is having trouble making your mortgage payments? There are a number of programs from a variety of organizations to help you. The Michigan state housing development authority, or MSHDA, may be able to help you in finding local resources. Information is available by going to the MSHDA website, www.michigan.gov/mshda. Please contact the telephone number for the attorney for the party foreclosing the mortgage if you are in active military duty.".

(k) A statement in the following form: "Notice of foreclosure by advertisement. Notice is given under section 3212 of the revised judicature act of 1961, 1961 PA 236, MCL 600.3212, that the following mortgage will be foreclosed by a sale of the mortgaged premises, or some part of them, at a public auction sale to the highest bidder for cash or cashier's check at the place of holding the circuit court in ________ County, at (time), on (date). The auction sale will close at (time). The sale will be made, but without covenant or warranty, expressed or implied, regarding title, possession, or encumbrances, to pay the remaining principal sum of the note or notes secured by the mortgage, with interest and late charges on the remaining principal sum, as provided in the note or notes, advances, under the terms of the mortgage, interest on the advances, fees, and charges and expenses of the attorney, for the total amount, at the time of the initial publication of the notice of foreclosure, reasonably estimated to be set forth below. The amount may be greater on the day of the sale. Placing the highest bid at the sale does not automatically entitle the purchaser to free and clear ownership of the property. The purchaser is encouraged to investigate the existence, priority, and size of any other outstanding liens that may exist on this property by contacting the county register of deeds office or a title insurance company, either of which may charge a fee for this information.".

Enacting section 1. This amendatory act takes effect 30 days after the date it is enacted into law.