This bill amends provisions related to the postponement of foreclosure sales in Minnesota, specifically addressing the processes for both mortgagees and mortgagors. It modifies Minnesota Statutes 2024, section 580.07, by adding new language that allows mortgagees to postpone foreclosure sales for actions taken under chapter 581, and it establishes that the right of mortgagors or owners to postpone a foreclosure sale also applies to foreclosures by action under the same chapter. The bill outlines the requirements for notifying occupants of the postponement and the rescheduled sale date, including the necessity for publication and mailing of notices.

Additionally, the bill specifies that the effective date for these changes is August 1, 2025, for judicial foreclosures with the lis pendens recorded on or after this date. It also clarifies that certain sections of the statutes 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 streamline the foreclosure process while providing clearer guidelines for both mortgagees and mortgagors.

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