MI SB1510

Requires foreclosing parties to provide written notice to borrowers on principal residences at least 90 days before commencing foreclosure proceedings, including default reasons, amount due, contact information, and housing counselor list.

Allows borrowers to request meetings with designated mortgage holders/servicers within 14 days of notice to negotiate loan modifications, with housing counselors present if requested.

Prohibits foreclosure commencement if borrower requests a meeting within 14 days and 90 days have not elapsed since notice was mailed, unless borrower fails to provide required documents within 10 business days.

Requires Michigan State Housing Development Authority to maintain a list of HUD-approved or state-approved housing counselors; prohibits unlicensed individuals from performing housing counselor duties under penalty of up to 90 days imprisonment or $500 fine.

Extends foreclosure protection requirements to apply to all foreclosures with first notice published after July 5, 2009, removing the previous 2-year sunset provision.