MI SB1172

Extends the sunset date for mandatory mortgage modification negotiation procedures from June 30, 2012 to June 30, 2013 for principal residences exempt from tax under the general property tax act.

Requires foreclosure parties to wait for mortgagor notice, meeting requests, document production, and good-faith negotiation before commencing foreclosure proceedings on principal residences.

Prohibits foreclosure commencement if mortgagor and mortgagee have agreed to modify the loan and mortgagor is current on the modified agreement, or if mortgagor qualifies for loan modification under section 3205c calculations.

Exempts agricultural property mortgages subject to federal farm credit restructuring from the extension if federal law requires a longer application period than Michigan's 90-day negotiation window.

Applies only to foreclosures where the first notice is published after July 5, 2009 and before June 30, 2013; effective December 28, 2012.