Michigan Laws 565.359 – Land contract mortgage; enforcement; foreclosure; additional remedies
Current as of: 2023 | Check for updates
|
Other versions
(1) A land contract mortgage may be enforced in accordance with any existing procedure for the enforcement of a real estate mortgage, including, without limitation, foreclosure by advertisement and judicial foreclosure. Upon completion of a foreclosure by advertisement or judicial foreclosure of a land contract mortgage and the expiration of the applicable redemption period, the successful bidder at foreclosure shall succeed to all of the mortgaged interests of the respective foreclosed vendor or vendee.
(2) Other rights and remedies that may be available to a real estate mortgagee, including, without limitation, future advance mortgages, assignments of rents, or receiverships may, in a proper case, be applied in favor of a land contract mortgagee.
Terms Used In Michigan Laws 565.359
- 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
- Land contract mortgage: means a mortgage granted by a vendor or a vendee. See Michigan Laws 565.356
- Land contract mortgagee: means the holder of a land contract mortgage granted by a vendor or vendee, or his or her heirs, successors, or assigns. See Michigan Laws 565.356
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Real estate mortgage: means a mortgage granted upon an interest in real property, other than a mortgage upon a vendor's or vendee's interest in a land contract unless the vendor and the vendee join in or subject their respective interests to a single mortgage. See Michigan Laws 565.356
- Vendee: means the vendee named in the land contract and the vendee's heirs, successors, or assigns. See Michigan Laws 565.356
- Vendor: means the vendor named in the land contract and the vendor's heirs, successors, or assigns. See Michigan Laws 565.356
(3) All remedies that existed before the effective date of section 6 to 11 shall continue to apply. However, a land contract mortgage made pursuant to this act may, at the option of the land contract mortgagee, also be enforced as provided in this act.