MN SF2447

Requires mortgage lenders to defer foreclosure commencement or continuation for at least 12 months for homeowners who have occupied their home for 10+ years and have at least one unemployed household member receiving or formerly receiving unemployment compensation.

Extends the mandatory deferral period to at least 24 months for eligible homeowners who have lived in their home for 20+ years.

Permits mortgagors to request a deferral at any time before or during a foreclosure proceeding.

Allows interest to continue accruing on the loan during the deferral period unless the mortgagor and lender agree otherwise.

Requires lenders to notify potentially eligible homeowners in writing of their deferral rights as part of the default notice.