Michigan Legislature Amends Foreclosure Law
In a legislative move designed to reduce timeframes on foreclosures by advertisement in Michigan, the state legislature unanimously approved an amendment to the foreclosure statute that will allow foreclosing assignees to begin publication prior to recording assignments.
Gov. Jennifer Granholm signed the legislation into law on July 1.
The amendment, which takes effect immediately, provides that a record chain of title must exist prior to the date of a foreclosure sale, not the "commencement" of a foreclosure.
Attorneys from Trott & Trott assisted in the drafting of the legislation and testified before the legislation in support of the bill.
The legislation was proposed in response to an attorney general opinion in which the AG said the law previously required lenders to have all assignments recorded prior to first publication.
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