Bill Text: MN HF3029 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Lenders required to make postforeclosure offers to former homeowners.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2012-04-24 - Introduction and first reading, referred to Commerce and Regulatory Reform [HF3029 Detail]
Download: Minnesota-2011-HF3029-Introduced.html
1.2relating to mortgage foreclosures; requiring lenders to make certain
1.3postforeclosure offers to former homeowners;proposing coding for new law in
1.4Minnesota Statutes, chapter 580.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [580.231] OBLIGATION TO OFFER PROPERTY TO FORMER
1.7OWNER AFTER FORECLOSURE.
1.8A mortgagee shall, after the expiration of the redemption period after foreclosure
1.9of a residential mortgage, offer the property for sale to the former owner at a price no
1.10higher than the price the mortgagee could reasonably expect to obtain in an arms-length
1.11sale and include in the offer financing for purchase of the property by the former owner at
1.12the lowest interest rate then available from the lender. The offer must be available for at
1.13least 60 days. The monthly payment must not exceed the guidelines of the United States
1.14Department of Housing and Urban Development.
1.15EFFECTIVE DATE.This section is effective August 1, 2012.
1.3postforeclosure offers to former homeowners;proposing coding for new law in
1.4Minnesota Statutes, chapter 580.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. [580.231] OBLIGATION TO OFFER PROPERTY TO FORMER
1.7OWNER AFTER FORECLOSURE.
1.8A mortgagee shall, after the expiration of the redemption period after foreclosure
1.9of a residential mortgage, offer the property for sale to the former owner at a price no
1.10higher than the price the mortgagee could reasonably expect to obtain in an arms-length
1.11sale and include in the offer financing for purchase of the property by the former owner at
1.12the lowest interest rate then available from the lender. The offer must be available for at
1.13least 60 days. The monthly payment must not exceed the guidelines of the United States
1.14Department of Housing and Urban Development.
1.15EFFECTIVE DATE.This section is effective August 1, 2012.
