Every mortgage of real estate, which contains a power of sale, upon default being made in any condition of such mortgage, may be foreclosed by advertisement, in the cases and in the manner specified in this chapter. However, the procedures set forth in this chapter shall not apply to mortgages of real estate held by the Michigan state housing development authority.
1961, Act 236, Eff. 1/1/1963 ;--Am. 1981, Act 172, Imd. Eff. 12/10/1981 .