Minnesota Legislature
House passes bill that would give a hand to homeowners in foreclosure
Life isn’t easy for anyone facing foreclosure, but a bill that the House passed 126-1 Thursday could give some in that situation a helping hand.
The next stop for HF1472/SF1444* is the governor’s desk. The bill, sponsored by Rep. Tim O'Driscoll (R-Sartell) and Sen. Dan Sparks (DFL-Austin), passed the Senate 63-0 on April 13.
The bill would clarify current law, stating that homeowners who have succeeded in getting a postponement on a foreclosure sale should not have that postponement period counted against the statutory redemption period if the same property is foreclosed on again.
Also, a homeowner in foreclosure would be able to get from the holder of the mortgage a payoff number, also called a redemption amount — the amount needed to get the mortgage back out of default.
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