MI SB0380

Amends MCL 600.3204 to prohibit foreclosure proceedings on principal residences until the mortgagor receives notice and opportunity to request a meeting with a loan modification representative under sections 3205a and 3205b.

Requires a 90-day waiting period after notice is mailed before foreclosure can proceed if the mortgagor requests a modification meeting within 30 days, unless the mortgagor fails to provide required documents.

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

Applies mandatory pre-foreclosure procedures to mortgages where the first notice of sale is published between July 5, 2009 and January 9, 2014, with section 3206 compliance required for proceedings after January 9, 2014.

Exempts mortgages on agricultural property subject to federal farm credit restructuring programs if federal timelines are longer than the state's 90-day period and compliance with federal requirements prevents foreclosure within that timeframe.