MI HB4764

Extends the moratorium on foreclosure proceedings for principal residences from June 30, 2013 to January 10, 2014, during which certain pre-foreclosure requirements must be met.

Requires parties foreclosing mortgages on principal residences to comply with federal regulations (12 CFR 1024.38 to 1024.41) or obtain borrower agreement to modify loan terms after January 9, 2014.

Prohibits foreclosure commencement if the mortgagor has not received required notice, has not had sufficient time to request a meeting with a designated representative, or is within 90 days of requesting a meeting after notice.

Exempts agricultural mortgages subject to federal farm credit acts from the residential foreclosure protections if federal restructuring timelines are longer than state law requirements.

Establishes that the bill takes effect only upon enactment of companion bills HB 4765, HB 4766, and HB 4767.