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 property classified as a homestead with 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 changes emphasize that the affidavit must indicate the new sale date and the reduced redemption period, while also allowing for the postponement to occur only once during each foreclosure proceeding. Overall, the bill aims to provide clearer guidelines and protections for homeowners facing foreclosure.

Statutes affected:
Introduction: 580.07