Minnesota Foreclosure Laws

Non-judicial Minnesota foreclosures tend to be the most common, although the state allows judicial foreclosures as well. Most mortgages contain Power of Sale clauses which allow the lender to proceed with foreclosures without having to first consult the court. Under Minnesota law, the lender must first notify the homeowner of their intent to foreclose before pursuing any such interest. The homeowner can stop the foreclosure at any point before the foreclosure sale by paying off the entire default amount owed.

Before a Minnesota foreclosure sale, a Notice of Sale must be issued and published weekly in a local newspaper for the six weeks leading up to the sale date. The Notice must include the date, location, and terms of the sale, as well as a property description and the names of those involved with the sale. The homeowner is also entitled to be served with a copy of the Notice at least a week before the sale occurs.

On the day of the sale, either a trustee of the lender or the county Sheriff auction off the homeowner's property to the highest bidder. The winning bidder must provide the entire payment for their bid immediately, at which point they will receive a Certificate of Sale awarding ownership.

The homeowner is typically allowed a redemption period of six months for Minnesota foreclosures, but mortgages have been known to allow anywhere up to 12 months. In order to redeem, the homeowner must pay the full sale price of the property, as w ell as any additional costs or fees.

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