The bill modifies the provisions governing the postponement of foreclosure by sale in Minnesota. It amends Minnesota Statutes 2024, specifically sections 580.07 and 581.02. Key changes include the introduction of new language that allows both mortgagees and mortgagors to postpone foreclosure sales under certain conditions, including the requirement for proper notification to occupants. For mortgagees, the right to postpone a foreclosure sale now explicitly applies to foreclosures by action taken under chapter 581. Similarly, mortgagors can postpone sales for properties classified as homestead, with specific timelines based on the original redemption period.

Additionally, the bill establishes that the effective date for these changes is August 1, 2025, specifically for judicial foreclosures with the lis pendens recorded on or after this date. The amendments also clarify that certain sections of the law related to the form of the certificate of sale will apply to foreclosures by action, ensuring consistency in the legal framework governing these processes. Overall, the bill aims to provide clearer guidelines and protections for both mortgagees and mortgagors during the foreclosure process.

Statutes affected:
Introduction: 58.13
1st Engrossment: 580.07, 581.02