MI HB4766

Applies to loss mitigation procedures before mortgage foreclosure on principal residences when the first notice is published after January 9, 2014, and the mortgage servicer is a defendant in or successor to the Bank of America consent judgment (civil action 12-0361 in U.S. District Court for the District of Columbia).

Requires the foreclosing party to designate an individual employee, agent, or specific department/unit as a contact point for loss mitigation negotiations with the mortgagor.

Mandates written notice to the mortgagor that includes the designated contact's name, address, telephone number, and email address, along with information about requesting a meeting within 30 days to negotiate mortgage modification.

Prohibits commencement of foreclosure proceedings unless the mortgagor has held a requested meeting, unless the mortgagor fails to cooperate in scheduling or attending the meeting.

Takes effect only upon enactment of Senate Bill 380, Senate Bill 383, and House Bill 4765 (tie-bar provision); effective date July 3, 2013.