Civil procedure: foreclosure; distribution of proceeds from mortgage foreclosure auctions; modify. Amends secs. 3240 & 3252 of 1961 PA 236 (MCL 600.3240 & 600.3252). TIE BAR WITH: HB 5152'25
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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 related to foreclosure proceedings and the distribution of proceeds from mortgage foreclosure auctions. Specifically, it adjusts the redemption periods based on factors like the type of property and whether it was abandoned. It also clarifies the process for determining the amount required for redemption and addresses how surplus funds from sales should be distributed, particularly when subsequent liens are claimed.
Key provisions
- Redemption periods are adjusted based on property type (commercial, residential, agricultural) and abandonment status.
- The register of deeds may determine the exact amount required for redemption in certain circumstances.
- A process is established for handling surplus funds after a foreclosure sale when subsequent liens are claimed, requiring court intervention and evidence presentation.
- Specific affidavits and documentation are required to be filed with the register of deeds to ensure accurate redemption calculations.
- The bill clarifies the circumstances under which a mortgagor can redeem property.
- The redemption period is extended for properties used for agricultural purposes.
- The bill outlines procedures for determining if a property is used for agricultural purposes.
- The register of deeds is limited in their ability to determine redemption amounts in certain cases.
Who is affected
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