Bill > HF1224

This bill modifies Minnesota's foreclosure laws by clarifying and expanding provisions related to postponing foreclosure sales. Specifically, the bill updates requirements for how mortgagees (lenders) and mortgagors (property owners) can postpone a foreclosure sale, ensuring that both parties must provide appropriate notice and follow specific procedures. For mortgagees, the bill requires publishing a postponement notice in the same newspaper as the original sale notice and sending first-class mail to the property occupant with details about the postponed sale date and potential vacating timeline. For mortgagors, the bill preserves the existing ability to postpone a foreclosure sale once for certain homestead properties, which automatically reduces the redemption period to five weeks. The bill expressly extends these postponement provisions to judicial foreclosures (foreclosures handled through court action) under Chapter 581 of Minnesota statutes. The changes will take effect on August 1, 2025, and will apply to judicial foreclosures with a lis pendens (legal notice of pending court action) recorded on or after that date, providing clarity and consistency in the foreclosure process for both lenders and homeowners.

Business and Industry, Justice

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1224&ssn=0&y=2025