MI SB0677

Requires judicial foreclosure (instead of non-judicial foreclosure by advertisement) for mortgages on 1- to 4-unit owner-occupied residential property that have been assigned by the original mortgagee.

Allows courts to modify assigned mortgages or grant other appropriate relief to mortgagors in foreclosure actions involving owner-occupied 1- to 4-unit residential property.

Prohibits courts from modifying mortgages or granting relief if doing so would affect the rights of tenants or other legal occupants of the property.

Exempts mortgages held by the Michigan State Housing Development Authority from the judicial foreclosure requirement.