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WBK Industry News - State Regulatory Developments

Michigan Amends Foreclosure Notice Requirements

Michigan recently enacted a bill, House Bill 4306 (HB 4306), which amends the requirements for notice of foreclosure by advertisement.  The amendments will go into effect on January 11, 2020.

Pursuant to the changes made by HB 4306, a notice of foreclosure by advertisement must include: (1) a description of the property, including its street address; (2) the name, address, and telephone number of the attorney for the party foreclosing the mortgage; (3) for residential mortgages, a specified statement for military service members; and (4) a specified statement that, in part, provides the time and place for the public auction sale and encourages a potential purchaser to contact the county register of deeds office or a title insurance company.  The amended provisions also provide that the party foreclosing the mortgage must not publish a notice of foreclosure by advertisement in a newspaper in which such party, or its agent, has a majority ownership interest.