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HF 2925

as introduced - 87th Legislature (2011 - 2012) Posted on 03/19/2012 12:55pm

KEY: stricken = removed, old language.
underscored = added, new language.
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Engrossments
Introduction Posted on 03/19/2012

Current Version - as introduced

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A bill for an act
 relating to real estate; prohibiting foreclosure if the lender has not acted on a loan
modification request; amending Minnesota Statutes 2010, section 580.02.

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

Section 1.

Minnesota Statutes 2010, section 580.02, is amended to read:


580.02 REQUISITES FOR FORECLOSURE.

To entitle any party to make such foreclosure, it is requisite:

(1) that some default in a condition of such mortgage has occurred, by which the
power to sell has become operative;

(2) that no action or proceeding has been instituted at law to recover the debt then
remaining secured by such mortgage, or any part thereof, or, if the action or proceeding
has been instituted, that the same has been discontinued, or that an execution upon the
judgment rendered therein has been returned unsatisfied, in whole or in part;

(3) that the mortgage has been recorded and, if it has been assigned, that all
assignments thereof have been recorded; provided, that, if the mortgage is upon registered
land, it shall be sufficient if the mortgage and all assignments thereof have been duly
registered; deleted text begin and
deleted text end

(4) before the notice of pendency as required under section 580.032 is recorded, the
party has complied with section 580.021deleted text begin .deleted text end new text begin ; and
new text end

new text begin (5) that if the mortgagor has requested a loan modification of the mortgage loan on
the mortgagor's homestead, the mortgagee has rejected the request by notice in writing
to the mortgagor. This requirement does not apply to a mortgagor's request for a loan
modification made sooner than 60 days after a previous request by the mortgagor for
a loan modification on the same mortgage loan was rejected by the mortgagee. The
mortgagee cannot begin or continue a foreclosure if a loan modification request has been
submitted, is under consideration, is pending, or if there has been a loan modification and
the mortgagor is not in default on the modified loan.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for foreclosures commenced on or
after June 1, 2012.
 new text end