MN HF3012

Requires mortgagees or mortgage servicers to calculate specific dollar amounts before initiating foreclosure: the amount owed, all foreclosure and sale costs, property market value at end of redemption period, and expected foreclosure value to the lender.

Mandates lenders offer homeowners a new mortgage loan equal to the expected foreclosure value, at current market rates but no higher than the existing rate, with a 30-year amortization period (or shorter if requested).

Gives homeowners 60 days to accept the new loan offer, with option to negotiate different arrangements or obtain financing from another source.

Applies to mortgage foreclosures commenced on or after August 1, 2012.