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Minnesota Foreclosure Laws

Judicial	Yes
Non-Judicial	Yes
Process Period	90-100 Days
Sale Publication	7 Days
Redemption Period	1825 Days
Sale / NTS	Sheriff

Judicial Foreclosures: In an in court preceding the lender must first notify the borrower of the default. The lender can then file a court action against the borrower, and the sale is scheduled.

Non-Judicial Foreclosures: In Minnesota a majority of foreclosures are handles out of court, through a power of sale clause contained in the mortgage. With both in court and out of court proceedings the borrower can pay off the debt and stop the foreclosure process.

Sale: The notice of sale must be published for six weeks in the local newspaper. The notice must include the names of the borrower, owner, and lender, the original loan amount, the mortgage date, the default amount, a property description, and location of the sale. The occupants of the property must be given notice in person four weeks prior to the sale. The sheriff conducts the sale, anyone can bid on the property and the property is transferred to the winning bidder.

The borrower typically has six months to redeem their property; they can do so by paying the total amount of the bid plus any other costs.

The information and notices contained on this website are intended as general research and information and are expressly not intended, and should not be regarded, as financial or legal advice. We attempt to ensure that the material contained on the web-site is accurate and complete at the date first published, however you should recognize that information contained on this web-site may become out of date over time. Readers who have particular questions real estate financing or foreclosure, or who believe they require legal counsel, should seek the advice of an attorney. By submitting this contact request, you are consenting to be contacted by foreclosure consultants by telephone or email, even if you have previously listed yourself on any state or federal Do-Not-Call List. Please note that Wisdom may receive compensation from the foreclosure consultants for that introduction.