On December 12, 2019, Michigan House Bill No. 4306 was signed into law by the Governor. This Bill amends the state statute governing a notice of foreclosure by advertisement, by setting forth new requirements for what information must be included in the foreclosure notice. Due to this amendment, a notice of foreclosure must now include the following additional language:
- A description of the property by giving its street address
- The name, address, and telephone number of the attorney for the foreclosing party
- For a residential mortgage, the following statement: “Attention homeowner: If you are a military service member on active duty, if your period of active duty has concluded less than 90 days ago, or if you have been ordered to active duty, please contact the attorney for the party foreclosing the mortgage at the telephone number stated in this notice.”
- A statement that the amount due on the mortgage might be greater on the day of the sale, that placing the highest bid at sale does not automatically entitle the purchaser to free and clear ownership of the property, and that the purchaser is encouraged to contact the county register of deeds office or a title insurance company, either of which may charge a fee for the information
The Bill also requires that the party foreclosing the mortgage shall not publish the notice of foreclosure in a newspaper in which the party foreclosing, or its agent, has a majority interest.
These changes will become effective January 11, 2020. Our team at Potestivo & Associates, P.C. is committed to providing the best possible legal services, and we have already prepared for these changes and will be implementing them in connection with the effective date.
If you would like to further discuss this change to better understand how it might impact your Michigan loan population, please contact Executive Vice President, Michael Woods, at email@example.com or (248) 853-4400, ext. 1199.