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, owner, or their personal representatives to postpone the sale of a homestead property classified under section 273.124, provided that the postponement occurs within specified timeframes related to the statutory redemption period. The bill introduces new requirements for the mortgagor to execute and record a sworn affidavit to effectuate the postponement, which will also reduce the mortgagor's redemption period to five weeks. Additionally, it states that the foreclosure will not be invalidated if the sale is postponed due to a defective or untimely affidavit, unless the affidavit was obtained through unlawful means.

The bill also updates 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 with a notice of pendency or lis pendens recorded after that date. Overall, the bill aims to provide clearer guidelines and protections for homeowners facing foreclosure while streamlining the process for postponing sales.

Statutes affected:
Introduction: 580.07
1st Engrossment: 580.07