MN SF3791

Homestead property owners (1-4 dwelling units) may postpone mortgage foreclosure sales by 5 months (for 6-month redemption periods) or 11 months (for 12-month redemption periods) in exchange for reducing their redemption period to 5 weeks

Personal representatives or heirs of deceased mortgagors/owners may now exercise the postponement right through devise, descent, or operation of law

Postponement right may be exercised once per foreclosure proceeding, clarifying that reinstating the mortgage does not restore the right within the same proceeding

Foreclosures will not be invalidated if the foreclosing party postpones the sale in response to a defective or untimely affidavit, unless obtained through mortgage foreclosure rescue fraud under chapter 325N

Effective the day following final enactment, applying to foreclosures with notice of pendency recorded on or after that date