Michigan Laws 125.1448 – Foreclosure procedures applicable to authority
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Terms Used In Michigan Laws 125.1448
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Contract: A legal written agreement that becomes binding when signed.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
In addition to other procedures and remedies which may otherwise be available to the authority, the foreclosure procedures set forth in section 48a to 49u shall be applicable to the authority for the foreclosure of a mortgage or land contract held by the authority and commenced after the effective date of this section.