HF 19

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:33am

A bill for an act
relating to real property; mortgages; providing for postponement of sale;
amending Minnesota Statutes 2008, section 580.07.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 580.07, is amended to read:

580.07 POSTPONEMENT.

new text begin Subdivision 1. new text end

new text begin Postponement by mortgagee. new text end

The sale may be postponed, from
time to time, by the party conducting the foreclosure, by inserting a notice of the
postponement, as soon as practicable, in the newspaper in which the original advertisement
was published, at the expense of the party requesting the postponement. The notice shall
be published only once.

new text begin Subd. 2. new text end

new text begin Postponement by mortgagor or owner. new text end

new text begin If all or a part of the property to
be sold is classified as homestead under section 273.124 and contains one to four dwelling
units, the mortgagor or owner may postpone the sale to the first date that is not a Saturday,
Sunday, or legal holiday and is five months after the originally scheduled date of sale in
the manner provided in this subdivision. To postpone a foreclosure sale pursuant to this
subdivision, at any time after the first publication of the notice of mortgage foreclosure
sale under section 580.03 but at least 15 days prior to the scheduled sale date specified
in that notice, the mortgagor shall: (1) execute a sworn affidavit in the form set forth in
subdivision 3, (2) record the affidavit in the office of each county recorder and registrar of
titles where the mortgage was recorded, and (3) file with the sheriff conducting the sale
and deliver to the attorney foreclosing the mortgage, a copy of the recorded affidavit,
showing the date and office in which the affidavit was recorded. Recording of the affidavit
and postponement of the foreclosure sale pursuant to this subdivision shall automatically
reduce the mortgagor's redemption period under section 580.23 by five months. The
postponement of a foreclosure sale pursuant to this subdivision does not require any
change in the published or served notice of mortgage foreclosure sale under sections
580.03 and 580.04, but the sheriff's certificate of sale shall indicate the actual date of the
foreclosure sale and the actual length of the mortgagor's redemption period. No notice
of postponement need be published. An affidavit complying with subdivision 3 shall be
prima facie evidence of the facts stated therein, and shall be entitled to be recorded. The
right to postpone a foreclosure sale pursuant to this subdivision may be exercised only
once, regardless whether the mortgagor reinstates the mortgage prior to the postponed
mortgage foreclosure sale.
new text end

new text begin Subd. 3. new text end

new text begin Affidavit form. new text end

new text begin The affidavit referred to in subdivision 2 shall be in
substantially the following form and shall contain all of the following information.
new text end

new text begin STATE OF ______________
new text end

new text begin COUNTY OF ______________
new text end

new text begin ________________________________________ (whether one or more, "Owner"),
being first duly sworn on oath, states as follows:
new text end

new text begin 1. (He is) (She is) (They are) the owner(s) or mortgagor(s) of the real property (the
"Property") situated in __________ (Name of) County, Minnesota, legally described in the
attached published Notice of Mortgage Foreclosure Sale (the "Notice"), and make this
affidavit for the purpose of postponing the foreclosure sale of the Property pursuant to
Minnesota Statutes, section 580.07, subdivision 2, for five months from the date scheduled
in the attached Notice.
new text end

new text begin 2. The Property is classified as homestead under Minnesota Statutes, section
273.124, is occupied by Owner as a homestead, and is improved with not more than
four dwelling units.
new text end

new text begin 3. Owner has elected to shorten Owner's redemption period from any foreclosure
sale of the Property by five months in exchange for the postponement of the foreclosure
sale for five months.
new text end

new text begin ___________________________________________ (signature(s) of owner)
new text end

new text begin Signed and sworn to (or affirmed) before me on .......... (date) by ................ (name(s)
of person(s) making statement).
new text end

new text begin ___________________________________________ (signature of notary public)
new text end

new text begin Notary Public
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective one month after the date of final
enactment, and applies to foreclosure sales scheduled to occur on or after said effective
date.
new text end