Sec. 582.043 mN Statutes
Note: see session law sections for efficient 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 the significances provided them.
(b) "Foreclosure sale date" indicates either:
( 1) the date of the foreclosure sale consisted of in the notice that has been either served or released as needed under area 580.03, or 550.18 and 550.19; or
( 2) the date to which the foreclosure sale is delayed by the borrower under section 580.07, neighborhood 2,
whichever is later.
(c) "Loss mitigation alternative" implies a short-lived or permanent loan adjustment, a forbearance contract, a repayment agreement, a primary decrease, capitalizing arrears, or any other relief meant to permit a mortgagor to retain ownership of the residential or commercial property.
(d) "Mortgagor" suggests a person who is liable on the promissory note protected by the mortgage, except that the mortgagor does not include an individual who has actually surrendered the mortgaged residential or commercial property, as evidenced by either a letter or other composed notice validating the surrender or by delivery of the keys to the residential or commercial property to the servicer or authorized representative.
(e) "Servicer" indicates a property mortgage servicer as defined in section 58.02, subdivision 20.
(f) "Small servicer" suggests a servicer that is either:
( 1) a little servicer, as defined in Code of Federal Regulations, title 12, section 1026.41, paragraph (e), stipulation (4 );
( 2) a Housing Finance Agency, as defined in Code of Federal Regulations, title 24, section 266.5; or
( 3) a servicer that has carried out 125 or fewer foreclosure sales throughout the preceding 12 months.
Subd. 2. Applicability.
Note: see session law sections for efficient 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 the significances provided them.
(b) "Foreclosure sale date" indicates either:
( 1) the date of the foreclosure sale consisted of in the notice that has been either served or released as needed under area 580.03, or 550.18 and 550.19; or
( 2) the date to which the foreclosure sale is delayed by the borrower under section 580.07, neighborhood 2,
whichever is later.
(c) "Loss mitigation alternative" implies a short-lived or permanent loan adjustment, a forbearance contract, a repayment agreement, a primary decrease, capitalizing arrears, or any other relief meant to permit a mortgagor to retain ownership of the residential or commercial property.
(d) "Mortgagor" suggests a person who is liable on the promissory note protected by the mortgage, except that the mortgagor does not include an individual who has actually surrendered the mortgaged residential or commercial property, as evidenced by either a letter or other composed notice validating the surrender or by delivery of the keys to the residential or commercial property to the servicer or authorized representative.
(e) "Servicer" indicates a property mortgage servicer as defined in section 58.02, subdivision 20.
(f) "Small servicer" suggests a servicer that is either:
( 1) a little servicer, as defined in Code of Federal Regulations, title 12, section 1026.41, paragraph (e), stipulation (4 );
( 2) a Housing Finance Agency, as defined in Code of Federal Regulations, title 24, section 266.5; or
( 3) a servicer that has carried out 125 or fewer foreclosure sales throughout the preceding 12 months.
Subd. 2. Applicability.