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Mortgage clarification language (new law)

Published (5/29/2009)
By Mike Cook
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A new law cleans up changes made in a number of 2008 mortgage laws.

Among the changes is that a written notice to tenants in property subject to mortgage foreclosure or termination of contract for deed is to be included for both pre- or post-foreclosure. The 2008 law did not include the pre-foreclosure requirement.

A party conducting a foreclosure that requests a sheriff’s sale must provide certain notices at the party’s expense.

Other issues addressed include specifying requirements for vendors under contracts for deed and foreclosure counseling notices. It makes a technical change for what needs to be in an affidavit for purposes of clearing title.

Most of the law takes effect for foreclosures where the notice of pendency is recorded on or after Aug. 1, 2009.

Rep. Joe Mullery (DFL-Mpls) and Sen. Lisa Fobbe (DFL-Zimmerman) sponsor the law.


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