Bill Text: MN HF3015 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Future mortgage foreclosures by advertisement ineffectiveness, and homestead property foreclosure deficiency judgement unavailability by action or advertisement provided.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-04-23 - Introduction and first reading, referred to Commerce and Regulatory Reform [HF3015 Detail]
Download: Minnesota-2011-HF3015-Introduced.html
1.2relating to real estate mortgage foreclosures; providing that future mortgage
1.3foreclosures by advertisement will not be effective; providing that a deficiency
1.4judgment will no longer be available on foreclosures of homestead property by
1.5action or advertisement;amending Minnesota Statutes 2010, sections 580.01;
1.6582.30, subdivision 1.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. Minnesota Statutes 2010, section 580.01, is amended to read:
1.9580.01 LIMITATION.
1.10(a) Subject to the provisions of section541.03 , any mortgage of real estate
1.11containing a power of sale, upon default being made in any condition thereof, may
1.12be foreclosed by advertisement.
1.13(b) Paragraph (a) does not apply to a mortgage foreclosure unless the first published
1.14notice required under section 580.03 was published prior to April 1, 2012.
1.15 Sec. 2. Minnesota Statutes 2010, section 582.30, subdivision 1, is amended to read:
1.16 Subdivision 1. Deficiency allowed. (a) Except as provided in this section, a person
1.17holding a mortgage may obtain a deficiency judgment against the mortgagor if the amount
1.18a person holding a mortgage receives from a foreclosure sale is less than:
1.19(1) the amount remaining unpaid on the mortgage under chapter 580; or
1.20(2) the amount of the judgment entered under chapter 581.
1.21(b) Except as provided in subdivisions 3 and 5, the judgment may not be for more
1.22than the difference between the amount received from the foreclosure sale less expenses
1.23and costs and:
2.1(1) for a foreclosure by advertisement, the total amount that attaches to the sale
2.2proceeds under chapter 580; or
2.3(2) for a foreclosure by action, the amount of the judgment entered under chapter
2.4581.
2.5(c) Subdivisions 3 to 9 do not apply to mortgages entered or amended on or after
2.6May 22, 1999, if the mortgaged property is used in agricultural production only by a
2.7tenant who is not the mortgagor.
2.8(d) For foreclosures by advertisement or by action not completed prior to April 1,
2.92012, a deficiency judgment may not be obtained against the mortgagor if the foreclosed
2.10property is the homestead of the mortgagor.
2.11 Sec. 3. EFFECTIVE DATE.
2.12Sections 1 and 2 are effective April 1, 2012.
1.3foreclosures by advertisement will not be effective; providing that a deficiency
1.4judgment will no longer be available on foreclosures of homestead property by
1.5action or advertisement;amending Minnesota Statutes 2010, sections 580.01;
1.6582.30, subdivision 1.
1.7BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.8 Section 1. Minnesota Statutes 2010, section 580.01, is amended to read:
1.9580.01 LIMITATION.
1.10(a) Subject to the provisions of section
1.11containing a power of sale, upon default being made in any condition thereof, may
1.12be foreclosed by advertisement.
1.13(b) Paragraph (a) does not apply to a mortgage foreclosure unless the first published
1.14notice required under section 580.03 was published prior to April 1, 2012.
1.15 Sec. 2. Minnesota Statutes 2010, section 582.30, subdivision 1, is amended to read:
1.16 Subdivision 1. Deficiency allowed. (a) Except as provided in this section, a person
1.17holding a mortgage may obtain a deficiency judgment against the mortgagor if the amount
1.18a person holding a mortgage receives from a foreclosure sale is less than:
1.19(1) the amount remaining unpaid on the mortgage under chapter 580; or
1.20(2) the amount of the judgment entered under chapter 581.
1.21(b) Except as provided in subdivisions 3 and 5, the judgment may not be for more
1.22than the difference between the amount received from the foreclosure sale less expenses
1.23and costs and:
2.1(1) for a foreclosure by advertisement, the total amount that attaches to the sale
2.2proceeds under chapter 580; or
2.3(2) for a foreclosure by action, the amount of the judgment entered under chapter
2.4581.
2.5(c) Subdivisions 3 to 9 do not apply to mortgages entered or amended on or after
2.6May 22, 1999, if the mortgaged property is used in agricultural production only by a
2.7tenant who is not the mortgagor.
2.8(d) For foreclosures by advertisement or by action not completed prior to April 1,
2.92012, a deficiency judgment may not be obtained against the mortgagor if the foreclosed
2.10property is the homestead of the mortgagor.
2.11 Sec. 3. EFFECTIVE DATE.
2.12Sections 1 and 2 are effective April 1, 2012.
