MI HB6077

Requires foreclosing governmental units to file a single petition by June 15 each year listing all forfeited, unredeemed property to be foreclosed for delinquent taxes, interest, penalties, and fees.

Allows foreclosing governmental units to withhold property from foreclosure petitions for minor heirs, incompetent persons, those in financial hardship, or those participating in a delinquent property tax installment payment plan under section 78q.

Permits foreclosing governmental units to create delinquent property tax installment payment plans for eligible principal residences located in financially distressed communities, where financially distressed persons can avoid foreclosure by making installment payments.

Waives interest charges if a financially distressed person successfully completes an installment payment plan; if they fail to complete it, interest applies and the property is included in the next foreclosure petition.

Defines "financially distressed community" as a local tax unit meeting at least 2 of 3 conditions: aggregate property taxable value decline exceeding 5% in 3 years, more than 5% of parcels in mortgage/land contract foreclosure, or population loss exceeding 5% in the past 25 years.