Michigan Servicing Reference Guide

Cosigner Notice Regarding Adverse Action

Late Payment Fees - Second Lien Loans

(1) Except for depository institutions and as otherwise provided by law, a regulated lender may do any of the following:

(b) Charge the borrower a late fee for an installment payment that is received by the regulated lender after the expiration of an agreed-upon grace period following the date on which the payment was due.

Conveyances of Real Property / Mich. Comp. Laws Ann. §565.41

Mich. Comp. Laws Ann. §565.44

Loan Satisfaction

Mich. Comp. Laws Ann. §600.6052

Mich. Court Rules §3.410(C)

Notice of Sale - Judicial

Prior to the sale of any real estate taken on execution, notice of the time and place of holding the sale, the notice to describe the real estate with common certainty by setting forth the name or number of the township in which it is located, and the number of the lot, or by other appropriate description of the premises shall be given as follows:

(1) A written or printed notice shall be displayed in 3 public places in the township or city where the real estate is to be sold at least 6 weeks prior to the sale, and if the sale is in a township or city other than that wherein the premises are located, notice shall also be displayed in 3 public places in the township or city in which the premises are located.

(2) A copy of the notice shall be published once each week for the 6 successive weeks prior to the sale in a newspaper printed in the county in which the premises are located, or, if there is no newspaper, in a newspaper printed in an adjoining county.

(3) If the sheriff or other officer adjourns the sale for more than 1 week, he shall give notice in the newspaper in which the original notice was published and shall continue to publish notices weekly throughout the adjournment. Notice of adjournment must also be displayed for a like period at the place where the sale is to be held.

Court Rules / Mich. Court Rules §3.410(C)

Mich. Comp. Laws Ann. §600.6052

Revised Judicature Act of 1961 / Mich. Comp. Laws Ann. §600.3212

Mich. Comp. Laws Ann. §600.3208

Notice of Sale - Non-Judicial

A sale under a judgment of foreclosure may not be ordered unless a Notice of Sale is given for at least 42 days. The Notice of Sale must contain the time, date, place, manner of sale and a description of the property. Notice must be published once each week for 6 successive weeks prior to the sale in a newspaper printed in the county in which the property is located. Publication of the Notice of Sale may not begin until the time set by the judgment for payment has expired, and until 6 months after an action to foreclose a mortgage is begun. Mich. Comp. Laws Ann. §600.6052(1); Mich. Court Rules §3.410(C). In addition, the Notice of Sale must be displayed in 3 public places in the township or city where the property is located at least 6 weeks prior to the sale.

Every notice of foreclosure by advertisement shall include all of the following: (a) The names of the mortgagor, the original mortgagee, and the foreclosing assignee, if any. (b) The date of the mortgage and the date the mortgage was recorded. (c) The amount claimed to be due on the mortgage on the date of the notice. (d) A description of the mortgaged premises that substantially conforms with the description contained in the mortgage. (e) For a mortgage executed on or after January 1, 1965, the length of the redemption period as determined under section 3240. (f) A statement that if the property is sold at a foreclosure sale under this chapter, under section 3278 the borrower will be held responsible to the person who buys the property at the mortgage foreclosure sale or to the mortgage holder for damaging the property during the redemption period.

Notice that the mortgage will be foreclosed by a sale of the mortgaged premises, or some part of them, shall be given by publishing the same for 4 successive weeks at least once in each week, in a newspaper published in the county where the premises included in the mortgage and intended to be sold, or some part of them, are situated. If no newspaper is published in the county, the notice shall be published in a newspaper published in an adjacent county. In every case within 15 days after the first publication of the notice, a true copy shall be posted in a conspicuous place upon any part of the premises described in the notice.

Special Rules for Service Members

(1) If a mortgagor is a service member, either the mortgagor entered into the mortgage before becoming a service member or the mortgagor is deployed in overseas service, and, during the service member's period of military service or within 6 months after the end of the period of military service, the mortgage given by the service member is foreclosed by advertisement or the mortgaged real estate sold under a power of sale, the foreclosure or sale is invalid unless the foreclosure or sale was ordered by a court.

(2) A person shall not, individually or acting through another person, foreclose, sell, or attempt to foreclose or sell real estate with the knowledge that the foreclosure or sale is invalid under this section. A person who violates this subsection is subject to a civil fine of $2,000.00.

(3) The attorney general may file an action in the circuit court to collect a civil fine under this section. A civil fine collected under this section shall be deposited in the military family relief fund created in section 3 of the military family relief fund act, 2004 PA 363, MCL 35.1213.

(4) This section does not apply to a mortgage entered into before the effective date of the amendatory act that added this section.

Mortgage Brokers, Lenders, and Servicers Licensing Act & Secondary Mortgage Loan Act / Mich. Comp. Laws Ann. §445.1679

Mich. Comp. Laws Ann. §493.74

Transferring or Assigning a Mortgage Loan