Tag Archive: "Michigan"
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Michigan Revises Provisions Regarding Mortgage Modification Program
by: Zachary PearlsteinMichigan has revised its mortgage modification program, and adopted provisions under the federal loss mitigation program, effective immediately. Under the revised bill: • One may foreclose a mortgage by advertisement if: a) The power to sell has become operative through a default condition that has occurred with the mortgage;b) A legal action has not […]
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Michigan Enacts Provisions Regarding Federal Loss Mitigation Procedures
by: Zachary Pearlstein Michigan has enacted a bill that requires lenders to comply with federal loss mitigation procedures, effective immediately. The revised bill applies to loss mitigation procedures prior to foreclosure, where the following conditions exist: a) The mortgaged property is claimed as a principal residence exempt from tax under section 7cc of […]
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Recent Changes to Michigan Lending Laws
by: Nicole Legere, Esq., Senior Counsel MICHIGAN BILL 1283 and 1284:An Amendment to the Mortgage Loan Definition The state of Michigan recently passed Senate Bill 1283, which amended the Mortgage Brokers, Lenders, and Servicers Licensing Act. This act is responsible for regulating the licensure and/or registration of mortgage brokers, lenders and servicers. The new bill […]