Bill > HF1027

This bill makes several modifications to Minnesota's laws regarding mortgage foreclosure, redemption, and surplus funds. The key changes include extending the creditor redemption period from 7 to 14 days, clarifying procedures for handling surplus funds from foreclosure sales, and adding more detailed requirements for how sheriffs and creditors manage the redemption process. For surplus funds of $100 or more, the bill requires the sheriff to notify the property owner and hold the funds during the redemption period, with the option for the owner to apply the surplus to their redemption. If no redemption occurs, the surplus will first be paid to junior creditors with recorded liens, and then to the property owner. The bill also updates documentation requirements for redemption, such as requiring creditors to provide more detailed affidavits about their liens and payment details. These changes aim to provide more transparency and options for property owners and creditors during the foreclosure and redemption process, with most provisions becoming effective for redemptions after January 1, 2026.

Justice

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1027&ssn=0&y=2025