MN HF2708

Mortgagors or owners of homestead property with one to four dwelling units may postpone a foreclosure sale to five months after the originally scheduled date if the original redemption period was six months, or to 11 months if the original redemption period was 12 months.

Mortgagors must execute a sworn affidavit in the form specified in subdivision 3, record it with the county recorder and registrar of titles, and provide a copy to the sheriff conducting the sale and the foreclosing attorney at least 15 days before the scheduled sale date.

Recording the affidavit and postponement automatically reduces the mortgagor's redemption period under section 580.23 to five weeks.

The right to postpone may be exercised only once, regardless of whether the mortgagor reinstates the mortgage prior to the postponed sale.

The mortgagor's election to shorten the redemption period to five weeks applies in exchange for obtaining the postponement, and this section becomes effective 30 days after final enactment for foreclosure sales scheduled on or after that date.