The bill modifies existing provisions related to the postponement of foreclosure sales in Minnesota, specifically addressing the processes for both mortgagees and mortgagors. It amends Minnesota Statutes 2024, section 580.07, to clarify that the right of a mortgagee to postpone a foreclosure sale applies to foreclosures by action taken under chapter 581. Additionally, it establishes that the postponement process requires the foreclosing party to publish a notice of postponement and send a notice to the occupant, detailing the rescheduled sale date and the deadline for vacating the property. The bill also allows mortgagors or owners of homestead properties to postpone sales under certain conditions, with the stipulation that this right can only be exercised once.

Furthermore, the bill amends Minnesota Statutes 2024, section 581.02, to specify that certain sections related to the form of the certificate of sale apply to foreclosures by action, and it reiterates that section 580.07 applies to these actions as well. The effective date for these changes is set for August 1, 2025, specifically for judicial foreclosures with the lis pendens recorded on or after this date.

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