December 15, 2015, Introduced by Senators HERTEL, YOUNG and ANANICH and referred to the Committee on Banking and Financial Institutions.
A bill to amend 1961 PA 236, entitled
"Revised judicature act of 1961,"
by amending section 3201 (MCL 600.3201), as amended by 1981 PA 172,
and by adding section 3117.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 3117. (1) In an action under this chapter to foreclose a
mortgage that has been assigned by the original mortgagee and that
is a mortgage of 1- to 4-unit residential property that is occupied
by the owner, the court may modify the mortgage or grant other
relief to the mortgagor that the court determines is appropriate.
(2) A court shall not modify a mortgage or grant other relief
under this section if doing so would affect the rights of tenants
or other legal occupants of the property.
Sec.
3201. Every A mortgage of real estate ,
which that
contains
a power of sale, upon on a
default being made in any
condition
of such the mortgage, may be foreclosed by advertisement
,
in the cases and in the manner specified in under this chapter.
However,
the procedures set forth in this chapter shall does not
apply to the following mortgages:
(a) A mortgage of real estate held by the Michigan state
housing development authority.
(b) A mortgage that has been assigned by the original
mortgagee and that is a mortgage of 1- to 4-unit residential
property that is occupied by the owner.