Housing

SB 423 ends specific programs that helped homeowners pay overdue property taxes and avoid foreclosure. It directly affects property owners with delinquent taxes who previously could use these reduced payment options. The bill modifies existing law by setting expiration dates ("sunsetting") for these programs, meaning they will no longer be available after the specified dates. This change removes temporary relief measures, requiring affected homeowners to pay full delinquent taxes or face standard foreclosure processes.

HB 5152 modifies Michigan's foreclosure process by requiring sellers to provide a specific "notice of rights" when selling a home after a foreclosure notice is filed but before the sale auction. This notice must inform sellers they are waiving three key rights: the right to reclaim the property by paying off the mortgage during the redemption period, the right to remain in the home during that period, and the right to receive any surplus funds if the home sells for more than the mortgage balance. The bill also mandates that if a foreclosure sale is canceled, the canceling party must record this notice with the county register of deeds within 30 days. These changes directly affect homeowners facing foreclosure who sell their property before the auction and buyers purchasing such properties.

HB 5497 prohibits Michigan mortgage lenders from denying loan applications or altering terms (like interest rates or down payments) based on neighborhood racial/ethnic characteristics or building age - except for physical condition assessments. It sets minimum mortgage loan amounts ($10,000) and home improvement loan amounts ($5,000), with annual adjustments using the Consumer Price Index starting in 2028. Lenders must provide written reasons for denials and individually evaluate each application based on risk factors. The bill directly affects banks, credit unions, and mortgage lenders operating in Michigan, aiming to prevent discriminatory lending practices under the state’s mortgage law.