MI HB5925

Requires foreclosing parties to serve written notice on borrowers before proceeding with foreclosure sales on principal residences exempt from property tax.

Notice must include default reasons, amount owed, mortgage holder's name/address/phone number, and designation of a mortgage holder employee authorized to negotiate loan modifications.

Notice must inform borrower of right to request meeting with designated employee within 14 days, availability of housing counselors, and that foreclosure will not commence for 90 days if meeting is requested.

If borrower and mortgage holder employee reach modification agreement, foreclosure is prohibited as long as borrower complies with modified loan terms.

Borrower who is not served notice may bring action in circuit court to enjoin the foreclosure; provisions do not apply if borrower previously reached modification agreement and complied with it for one year.