MN SF2501

Parties entitled to foreclose must notify authorized foreclosure prevention agencies within one week of sending foreclosure notice, providing mortgagor name, address, phone numbers, email, and property address in nonproprietary database or spreadsheet format via secure encrypted email when available, or by regular mail if secure email capability unavailable.

Mortgagees must simultaneously provide the name and contact information of an authorized agent capable of discussing mortgage terms and negotiating default resolution, including the agent's mail and email addresses, direct phone and fax numbers, and loss mitigation department manager contact details.

Mortgagees are not required to reach any resolution of the mortgagor's default, and failure to provide all required data in proper format does not invalidate the foreclosure sale if the mortgagee makes good-faith effort or commits only a bona fide error.

Repeals Minnesota Statutes 2008 sections 580.021, subdivision 4 (requiring mortgagees to return counseling agency forms within 15 days) and 580.022, subdivision 2 (prescribing specific form requirements for notice of counseling and contact information requests).

Effective date of August 1, 2010 applies to foreclosures where notice is provided on or after that date.