Minnesota Affidavit of Postponement
Definition and meaning
The Minnesota Affidavit of Postponement is a legal document used in the context of mortgage foreclosure. This affidavit allows the property owner or mortgagor to delay the foreclosure sale of their property for a designated period. By filing this affidavit, an owner can postpone the sale for five months or eleven months, depending on the length of the original redemption period, which can be six or twelve months.
How to complete a form
To complete the Minnesota Affidavit of Postponement, follow these steps:
- Enter the full name of the property owner(s) in the designated section.
- Provide the address and legal description of the property as specified in the attached published Notice of Mortgage Foreclosure Sale.
- Indicate the classification of the property, ensuring it is recognized as a homestead.
- Sign the form in the presence of a notary public to validate the affidavit.
- Attach the Notice of Mortgage Foreclosure Sale to this affidavit before submission.
Who should use this form
This affidavit is typically utilized by homeowners facing foreclosure who wish to delay the sale of their property. It is particularly relevant for those whose property is classified as a homestead under Minnesota law. Additionally, individuals seeking to modify the terms of their redemption period can also benefit from using this form.
Legal use and context
The Minnesota Affidavit of Postponement is governed by Minnesota Statutes, specifically section 580.07. This statute outlines the legal grounds for postponing a foreclosure sale, allowing for a temporary reprieve for property owners. Understanding this legal context can help ensure that users file the affidavit correctly and understand their rights under Minnesota law.
Key components of the form
The key components of the Minnesota Affidavit of Postponement include:
- Name and address of the property owner(s).
- Legal description of the property.
- Indication of the property’s homestead classification.
- Signature of the owner(s), which must be notarized.
- Attachment of the Notice of Mortgage Foreclosure Sale.
What documents you may need alongside this one
When preparing the Minnesota Affidavit of Postponement, it is essential to have the following documents ready:
- The original Notice of Mortgage Foreclosure Sale.
- A valid proof of identity for the notarization process.
- Any prior documents related to the mortgage agreement or property ownership.
What to expect during notarization or witnessing
During the notarization of the Minnesota Affidavit of Postponement, you should expect the following:
- Present valid identification to the notary public.
- Sign the document in front of the notary to authenticate your signature.
- Receive a notary stamp or seal, which is necessary for the affidavit to be legally enforceable.
