This bill amends provisions related to the postponement of foreclosure sales in Minnesota, specifically addressing the processes for both mortgagees and mortgagors. It introduces new language that clarifies the right of a mortgagee to postpone a foreclosure sale under section 580.07 for foreclosures by action taken under chapter 581. Additionally, it allows mortgagors or owners of homestead properties to postpone sales under certain conditions, while also establishing that this right applies to foreclosures by action. The bill specifies that the postponement process includes requirements for notifying occupants and publishing rescheduled sale dates.

Furthermore, the bill includes effective dates for these changes, stating that they will apply to judicial foreclosures with lis pendens recorded on or after August 1, 2025. It also clarifies that certain sections of the Minnesota Statutes, including section 580.07, will govern the foreclosure of mortgages by action, ensuring consistency in the application of these rules. 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