Minnesota HF1027 amends foreclosure laws to extend redemption periods and clarify surplus distribution.

Minnesota HF1027 amends foreclosure laws to extend the redemption period for mortgagors from seven to 14 days. It also allows the owner of the property to request that any surplus funds be applied towards the redemption amount. If there is a surplus of $100 or more, it must first be paid to junior creditors before being paid to the owner. If the surplus is less than $100, the sheriff may pay it to the owner. The bill also modifies the conditions under which a servicer can proceed with foreclosure, including waiting for the mortgagor's response to a loss mitigation offer.

Minnesota HF1027 amends foreclosure laws to extend redemption periods and clarify surplus distribution.

Minnesota HF1027 amends foreclosure laws to extend the redemption period for mortgagors from seven to 14 days. It also allows the owner of the property to request that any surplus funds be applied towards the redemption amount. If there is a surplus of $100 or more, it must first be paid to junior creditors before being paid to the owner. If the surplus is less than $100, the sheriff may pay it to the owner. The bill also modifies the conditions under which a servicer can proceed with foreclosure, including waiting for the mortgagor's response to a loss mitigation offer.