Right to postpone a mortgage sale clarified.

Homeowners delay foreclosure but shorten buyback time

Minnesota borrowers and owners can postpone foreclosure sales of homestead properties with one to four dwelling units. If the borrower or owner has died, their estate representative or someone legally entitled to inherit or receive ownership can act. A six-month redemption period allows a five-month delay; a 12-month period allows an 11-month delay. These delays run from the originally scheduled sale date, moving to the next day that is not a weekend or holiday. In exchange, the time to reclaim the property after sale—the redemption period—drops to five weeks. This option is available only once per foreclosure proceeding, including court foreclosures. You must use the law’s required sworn affidavit, identify the property and owners, confirm eligibility, and accept the shorter redemption period. Sign before a notary and attach the published sale notice or postponement notice. After notice publication begins, complete all filing steps at least 15 days before the scheduled sale. Record the affidavit in every county office where the mortgage was recorded. File a recorded copy with the sheriff and deliver one to the foreclosing attorney, showing the recording date and office. No separate postponement notice needs publication, and publication already underway does not need to restart. Previously completed service on the occupant remains valid. The sheriff’s sale certificate must show the actual sale date and five-week redemption period. This choice does not shorten redemption rights in a later foreclosure of the same mortgage. When a federal bankruptcy stay applies, the five-week election remains available after the stay ends.