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MN HF3011
Bill
Status
4/23/2012
Primary Sponsor
Joe Mullery
Click for details
AI Summary
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Mortgage lenders must sell foreclosed residential property in Minnesota cities within four months to an unrelated buyer following foreclosure completion
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If the lender fails to sell within four months, the lender must deed the property to the city where it is located, and the city must accept the deed
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Cities may charge lenders for costs of demolition and repairs reasonably necessary to prepare the property for sale
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Cities may retain any net proceeds from subsequent property sales for general city purposes
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The requirement applies to foreclosures concluded on or after August 1, 2012
Legislative Description
Real estate; mortgage lenders who have foreclosed on real estate within a city required to deed the property to the city when the foreclosure has been completed, city permitted to charge the lender for any costs of repair or demolition, and lender required to pay those charges.
Last Action
Introduction and first reading, referred to Commerce and Regulatory Reform
4/23/2012