Bill Text: MI HB4033 | 2009-2010 | 95th Legislature | Introduced
Bill Title: Civil procedure; foreclosure; 1-year moratorium on residential mortgage and land contract foreclosures; make applicable to MSHDA mortgages and land contracts. Amends secs. 48d, 49 & 49i of 1966 PA 346 (MCL 125.1448d et seq.). TIE BAR WITH: HB 4034'09
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-01-27 - Printed Bill Filed 01/23/2009 [HB4033 Detail]
Download: Michigan-2009-HB4033-Introduced.html
HOUSE BILL No. 4033
January 22, 2009, Introduced by Rep. Jackson and referred to the Committee on Banking and Financial Services.
A bill to amend 1966 PA 346, entitled
"State housing development authority act of 1966,"
by amending sections 48d, 49, and 49i (MCL 125.1448d, 125.1449, and
125.1449i), sections 48d and 49i as added by 1981 PA 173 and
section 49 as amended by 1993 PA 221.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec.
48d. Whenever a complaint is filed Subject to section
3116 of the revised judicature act of 1961, 1961 PA 236, MCL
600.3116,
in an action for the foreclosure or
satisfaction of any a
mortgage on real estate or land contract held by the authority, the
court
has power to may order a sale of the premises which that are
the
subject of the mortgage on real estate or land contract held by
the
authority, or of that part of the premises which that is
sufficient
to discharge the amount due on the mortgage on real
estate
or land contract held by the
authority, plus costs. But the
circuit
judge The court shall not order that the lands subject to
the mortgage be sold within 6 months after the filing of the
complaint
for foreclosure of the mortgage or that the lands which
that are the subject of the land contract be sold within 3 months
after the filing of the complaint for foreclosure of the land
contract.
Sec.
49. Every Subject to
section 3201(3) of the revised
judicature act of 1961, 1961 PA 236, MCL 600.3201, every mortgage
of
real estate held by the authority which that contains a power of
sale,
upon default being made in any condition of such the
mortgage,
may be foreclosed by advertisement
, in the cases and in
the
manner specified as provided in sections 49a to 49v, including
the giving of a notice as described in sections 49b and 49c.
Sec.
49i. (1) Unless Except
as provided in section 3237 of the
revised judicature act of 1961, 1961 PA 236, MCL 600.3237, unless
the
premises described in such the
deed shall be of sale are
redeemed
within the time limited for such applicable period of
redemption
as provided in section 49j, such the deed shall
thereupon
become becomes operative
, on the expiration of the
period
of redemption and shall vest vests in
the grantee therein
named
in the deed or his or her heirs or assigns , all the right,
title,
and interest which the mortgagor had at the time of the
execution
of the mortgage, or at any time thereafter after the
execution, except as to any parcel or parcels which may that have
been
redeemed and canceled, as provided in sections 49j to 49u; and
49l.
(2)
After the period of redemption expires, the
record thereof
shall
thereafter, of the deed of
sale is for all purposes be deemed
a
valid record of the deed of sale
without being re-recorded. ,
but
no
However, a person having any who has a valid subsisting lien
upon
on the mortgaged premises or any part thereof of the mortgaged
premises, created before the lien of such the mortgage
took effect,
shall
not be prejudiced by any such the sale,
nor shall and his or
her
rights or interests be are
not in any way affected thereby by
the sale.
Enacting section 1. This amendatory act does not take effect
unless Senate Bill No.____ or House Bill No. 4034(request no.
00656'09) of the 95th Legislature is enacted into law.
