MN HF2925

Adds a new requirement that mortgagees must reject a loan modification request in writing before foreclosing on a homestead mortgage.

Prohibits mortgagees from beginning or continuing foreclosure if a loan modification request has been submitted, is under consideration, is pending, or if a modification was granted and the mortgagor is not in default on the modified loan.

Exempts loan modification requests made within 60 days of a previous rejected request from the written rejection requirement.

Applies to foreclosures commenced on or after June 1, 2012.

Amends Minnesota Statutes 2010, section 580.02 regarding requisites for foreclosure.