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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.