Michigan Laws 125.1448c – Bringing amount due into court before judgment of sale; dismissal of complaint
Current as of: 2024 | Check for updates
|
Other versions
Terms Used In Michigan Laws 125.1448c
- Authority: means the Michigan state housing development authority created in this act. See Michigan Laws 125.1411
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Contract: A legal written agreement that becomes binding when signed.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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.
Whenever a complaint is filed for the satisfaction or foreclosure of any mortgage on real estate or land contract held by the authority, upon which there is due any interest or any portion or installment of the principal and there are other portions or installments to become due subsequently, the complaint shall be dismissed upon the defendant‘s bringing into court, at any time before the judgment of sale, the principal and interest due, with costs.