Meeting during the interim, the Foreclosure Data Group discovered that it’s very difficult to find accurate data on properties in foreclosure. A new law, sponsored by Rep. Jim Davnie (DFL-Mpls) and Sen. Ann Rest (DFL-New Hope), puts two of the group’s recommendations into statute.
Signed by Gov. Tim Pawlenty April 25, the new law requires additional data be shown on sales notices, including the complete address of the property, the name of the lender, whether the property is privately owned or owned by an investor, and whether the property is registered with the Mortgage Electronic Registration Systems.
The law, effective Aug. 1, 2008, also establishes the Electronic Real Estate Recording Commission to begin moving the state toward an electronic recording system and away from the current paper-focused system of foreclosure data collection and reporting. A report is due the Legislature by Feb. 15, 2009.
HF3516*/SF2914/CH238
At Issue: The land trust model
A new way to help homeowners and their neighborhoods
(view full story)
Published 4/4/2008
At Issue: Bipartisan focus on foreclosures
House moves on to help with mortgage foreclosure crisis
(view full story)
Published 4/4/2008