MN SF2559

Mortgagors of homestead properties with one to four dwelling units may postpone a foreclosure sale by filing a sworn affidavit with the county recorder and sheriff at least 15 days before the scheduled sale date.

Postponement extends the sale date by five months for properties with a six-month redemption period, or by 11 months for properties with a 12-month redemption period.

In exchange for postponement, the mortgagor's redemption period automatically reduces to five weeks under all circumstances.

The postponement right may only be exercised once per foreclosure, regardless of whether the mortgagor reinstates the mortgage before the postponed sale date.

Provisions become effective 30 days after enactment and apply to foreclosure sales scheduled on or after that date; automatic bankruptcy stays do not affect the elected shortened redemption period.