The bill modifies the provisions governing the postponement of foreclosures by action in Minnesota. It amends Minnesota Statutes 2024, specifically sections 580.07 and 581.02, to clarify the rights of both mortgagees and mortgagors in postponing foreclosure sales. Notably, it introduces new language that allows mortgagees to postpone foreclosure sales under section 580.07 for actions taken under chapter 581, and similarly grants mortgagors the right to postpone sales under the same section. The bill also specifies that the postponement process includes requirements for notifying occupants of the property about the postponement and rescheduled sale dates.

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 ensure that the rights to postpone foreclosure sales are clearly defined and applicable to both parties involved in the mortgage process, thereby providing a structured approach to handling foreclosure postponements.

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