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 such postponements will automatically reduce the mortgagor's redemption period to five weeks. The bill specifies that no notice of postponement needs to be published, and it outlines the necessary steps for mortgagors to execute this right.

Furthermore, the bill amends section 581.02 to confirm that section 580.07 applies to actions for the foreclosure of mortgages taken under this chapter. 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. This legislative update aims to streamline the foreclosure process and provide clearer guidelines for both mortgagees and mortgagors in Minnesota.

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