MI HB4882

Allows foreclosing governmental units to create delinquent property tax installment payment plans for financially distressed persons whose properties meet eligibility requirements.

Permits removal of eligible properties from foreclosure petitions if owners enter installment payment plans and make required initial payments; interest is waived upon successful completion.

Enables county treasurers to enter tax foreclosure avoidance agreements for up to 5 years with owners of delinquent residential properties if owners pay at least 10% of owed taxes upfront (authority expires June 30, 2016).

Defines "financially distressed person" as someone meeting federal poverty income standards as established by the U.S. Office of Management and Budget or alternative guidelines adopted by the foreclosing governmental unit.

Returns property to foreclosure proceedings if owners fail to complete payment plans or foreclosure avoidance agreements; limits owners to maximum 2 tax foreclosure avoidance agreements with any county treasurer.