Civil procedure: foreclosure; distribution of proceeds from mortgage foreclosure auctions; modify. Amends secs. 3240 & 3252 of 1961 PA 236 (MCL 600.3240 & 600.3252). TIE BAR WITH: HB 5152'25

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Plain-English Summary

This bill amends the Revised Judicature Act of 1961, primarily concerning the redemption of foreclosed properties. It clarifies the process and amounts required for a mortgagor to redeem their property after a foreclosure sale, including how additional costs like taxes or insurance are handled. The bill also introduces new rules for assigning or transferring a mortgagor's right of redemption, requiring specific notices and a cooling-off period for certain transactions to protect sellers.

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Votes

Sponsorship · 5 Sponsors

Democrat4Republican1Independent0Other0

D · PrimeJoey Andrews
D · CoTonya Myers Phillips
D · CoRegina Weiss
D · CoSharon MacDonell
R · CoBrad Paquette

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