Michigan Mortgage Secured by Promissory Note
County Specific Legal Forms Validated as recently as April 10, 2026 by our Forms Development Team
About the Michigan Mortgage Secured by Promissory Note
How to Use This Form
- Select your county from the list on the left
- Download the county-specific form
- Fill in the required information
- Have the document notarized if required
- Record with your county recorder's office
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This mortgage includes a power of sale clause and waiver of rights, saving time and expense in the case of a foreclosure.
Waiver of Rights. This Mortgage contains a power of sale that permits the Mortgagee/Lender to cause the Premises to be sold in the event of a default. Mortgagee/Lender may elect to cause the Premises to be sold by advertisement rather than pursuant to court action, and Mortgagor/Borrower voluntarily and knowingly waives any right Mortgagor/Borrower may have by virtue of any applicable constitutional provision or statute to any notice or court hearing before the exercise required by the Michigan statute governing foreclosures by advertisement.
In the event of default in any of the terms or covenants of this Mortgage, Mortgagee/Lender shall be entitled to all of the rights and benefits of MCL 554.231-.233, MSA 26.1137(1)-(3), and 1966 PA 151.
Use this mortgage to finance residential property, small commercial, condominiums, rental property, and planned unit developments even with an existing first mortgage on the subject property. A mortgage and promissory note that include stringent default terms can be beneficial to the Mortgagee/Lender.
Included is an annual accounting statement form
565.161 Annual statements to mortgagor; when required, contents.
Sec. 1.
Where, by the terms of a mortgage on real property, the mortgagor is required to make periodic payments which include sums to be allocated to an escrow account for the purpose of paying taxes, insurance or improvements to the property, or any combination of such purposes, the mortgagee or agent receiving the periodic payments shall furnish the mortgagor with a statement within 60 days of the close of the calendar year, showing the beginning balance of the escrow fund, total receipts received by the fund during the calendar year, an itemized statement of all expenditures from the fund during the calendar year and the balance in the fund at the end of the calendar year.
(Michigan Mortgage Package includes forms, guidelines, and completed examples) For use in Michigan only.
How to Use This Form
- Select your county from the list above
- Download the county-specific form
- Fill in the required information
- Have the document notarized if required
- Record with your county recorder's office
What Others Like You Are Saying
"I'm very pleased with the service provided by Deeds.com. After a format issue caused my scanner, it …"
"This was so very easy and fast! Well worth the small fee. I will use this again if I have a need. Th…"
"I ordered a Transfer of Deed on Death document. It was easy to fill in, came with a useful guide and…"
"It's been a difficult time during my divorce. Glad I was able to get the house related documents eas…"
"very easy and fast thank you would recommend"
Common Uses for Mortgage Secured by Promissory Note
- Record a partial reconveyance to release a portion of collateral
- Record evidence that a construction loan has been satisfied
- Document the reconveyance of a property after loan payoff
- Subordinate a second mortgage to allow refinancing
- Clear a paid-off mortgage from the public record
- Substitute a new trustee on a deed of trust
- Subordinate an existing mortgage to a new loan
Compare other Michigan deed forms and documents
Important: County-Specific Forms
Our mortgage secured by promissory note forms are specifically formatted for each county in Michigan.
After selecting your county, you'll receive forms that meet all local recording requirements, ensuring your documents will be accepted without delays or rejection fees.