Sec. 582.043 mN Statutes
Note: see session law areas for reliable dates.
582.043 LOSS MITIGATION; MORTGAGE FORECLOSURE DUAL TRACKING.
Subdivision 1. Definitions.
(a) For purposes of this section, the terms defined in this neighborhood have actually the meanings provided.
(b) "Foreclosure sale date" implies either:
( 1) the date of the foreclosure sale included in the notification that has actually been either served or published as needed under area 580.03, or 550.18 and 550.19; or
( 2) the date to which the foreclosure sale is held off by the debtor under section 580.07, subdivision 2,
whichever is later.
(c) "Loss mitigation option" suggests a short-term or permanent loan modification, a forbearance contract, a repayment agreement, a principal decrease, capitalizing arrears, or any other relief intended to enable a mortgagor to keep ownership of the residential or commercial property.
(d) "Mortgagor" suggests a person who is accountable on the promissory note secured by the mortgage, other than that the mortgagor does not include an individual who has given up the mortgaged residential or commercial property, as evidenced by either a letter or other written notice confirming the surrender or by shipment of the secrets to the residential or commercial property to the servicer or licensed agent.
(e) "Servicer" indicates a property mortgage servicer as defined in area 58.02, neighborhood 20.
(f) "Small servicer" indicates a servicer that is either:
( 1) a little servicer, as specified in Code of Federal Regulations, title 12, area 1026.41, paragraph (e), stipulation (4 );
( 2) a Housing Finance Agency, as defined in Code of Federal Regulations, title 24, area 266.5; or
( 3) a servicer that has actually conducted 125 or less foreclosure sales throughout the preceding 12 months.
Subd. 2. Applicability.
Note: see session law areas for reliable dates.
582.043 LOSS MITIGATION; MORTGAGE FORECLOSURE DUAL TRACKING.
Subdivision 1. Definitions.
(a) For purposes of this section, the terms defined in this neighborhood have actually the meanings provided.
(b) "Foreclosure sale date" implies either:
( 1) the date of the foreclosure sale included in the notification that has actually been either served or published as needed under area 580.03, or 550.18 and 550.19; or
( 2) the date to which the foreclosure sale is held off by the debtor under section 580.07, subdivision 2,
whichever is later.
(c) "Loss mitigation option" suggests a short-term or permanent loan modification, a forbearance contract, a repayment agreement, a principal decrease, capitalizing arrears, or any other relief intended to enable a mortgagor to keep ownership of the residential or commercial property.
(d) "Mortgagor" suggests a person who is accountable on the promissory note secured by the mortgage, other than that the mortgagor does not include an individual who has given up the mortgaged residential or commercial property, as evidenced by either a letter or other written notice confirming the surrender or by shipment of the secrets to the residential or commercial property to the servicer or licensed agent.
(e) "Servicer" indicates a property mortgage servicer as defined in area 58.02, neighborhood 20.
(f) "Small servicer" indicates a servicer that is either:
( 1) a little servicer, as specified in Code of Federal Regulations, title 12, area 1026.41, paragraph (e), stipulation (4 );
( 2) a Housing Finance Agency, as defined in Code of Federal Regulations, title 24, area 266.5; or
( 3) a servicer that has actually conducted 125 or less foreclosure sales throughout the preceding 12 months.
Subd. 2. Applicability.