This bill amends Minnesota Statutes regarding mortgage foreclosures, specifically clarifying the rights of mortgagors or property owners to postpone a mortgage sale. It allows the mortgagor or owner, or their personal representatives if deceased, to postpone the sale of a homestead property containing one to four dwelling units. The postponement can occur if it is executed at least 15 days prior to the scheduled sale date and requires the mortgagor to file a sworn affidavit. The bill also stipulates that the postponement will automatically reduce the mortgagor's redemption period to five weeks, and it clarifies that no notice of postponement needs to be published.

Additionally, the bill modifies the affidavit form required for postponement, ensuring it includes specific information about the property and the owner's intentions regarding the redemption period. The effective date of these changes is set for the day following final enactment, applying to foreclosures recorded after that date. The amendments aim to streamline the foreclosure process while providing additional protections for homeowners facing foreclosure.

Statutes affected:
Introduction: 580.07
1st Engrossment: 580.07
2nd Engrossment: 580.07