Michigan HB5152 modifies foreclosure auction rules, affecting property owners' rights.
Michigan HB5152 amends civil procedure laws regarding mortgage foreclosure auctions. It modifies the distribution of proceeds from such auctions and mandates that sellers forfeit certain rights upon sale. Specifically, it requires sellers to waive their right of redemption, right to occupy the property during the redemption period, and right to surplus proceeds. The bill also outlines procedures for cancelling a foreclosure sale notice and recording it with the register of deeds.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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