Bill > SF1962

This bill modifies provisions related to mortgage foreclosure postponement in Minnesota, specifically clarifying and extending existing rules for both mortgagees (lenders) and mortgagors (property owners) in judicial foreclosure actions. The bill allows mortgagees to postpone a foreclosure sale by publishing a notice of postponement in the same newspaper as the original sale notice and sending first-class mail to the property occupant within specified timeframes, detailing the postponement and potential vacate date. For mortgagors with homestead properties containing one to four dwelling units, the bill preserves their existing right to postpone a foreclosure sale once, which automatically reduces the redemption period to five weeks. The bill explicitly extends these postponement provisions to judicial foreclosures (foreclosures by action under chapter 581) and sets an effective date of August 1, 2025, applying only to judicial foreclosures with a lis pendens (legal notice of pending action) recorded on or after that date. These modifications aim to provide clearer guidelines and consistent procedures for foreclosure postponements across different types of foreclosure proceedings in Minnesota.

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https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1962&ssn=0&y=2025