Civil procedure: foreclosure; recording of deed; modify. Amends secs. 3232 & 3240 of 1961 PA 236 (MCL 600.3232 & 600.3240).
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill modifies sections of the Revised Judicature Act to clarify procedures related to foreclosure sales and deed recording. Specifically, it outlines how deeds must be executed, delivered, and recorded after a sale, and establishes rules for redeeming property sold at foreclosure. The bill also addresses the calculation and payment of redemption amounts, including considerations for taxes, liens, and insurance premiums, and sets specific redemption periods based on property type and circumstances.
Key provisions
- Deeds must be promptly executed and delivered to purchasers after a foreclosure sale.
- The register of deeds must record deeds and index them within 20 days of receipt.
- Redemption amounts must include interest, sheriff's fees, and potentially assessments or insurance premiums.
- Redemption periods vary based on property type (residential, commercial, agricultural) and circumstances (abandonment).
- A register of deeds with a large population may determine redemption amounts upon request.
- Affidavits detailing redemption amounts must be filed with the register of deeds.
- If a deed is recorded late, the redemption period begins on the recording date.
- The bill clarifies how redemption payments apply when a senior lien is redeemed.
Who is affected
- Homeowners
- Mortgagees
- Purchasers at foreclosure sales
- Real estate attorneys
Bill text
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Document of record
- Version
- House Introduced Bill
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