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Minnesota Foreclosure Statute Laws

Judicial and non-judicial foreclosure is available in Minnesota. Primary service instruments are deed of trust and mortgage. The timeline for foreclosure in Minnesota varies by process, but typically last 60 days. Right of Redemption and deficiency judgments are allowed.

In Minnesota, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Power of Sale Foreclosure Guidelines:
• If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed.
• However, in Minnesota, a non-judicial foreclosure may only occur if:
• no lawsuit to collect the on the mortgage is already underway;
• the mortgage and any assignments of the mortgage to new lenders have been recorded;
• a notice has been given eight (8) weeks before the foreclosure on a homestead.
• If all of these conditions have been met, then the foreclosure may proceed as follows:
• A notice of sale, containing the borrower and lender(s) name, the original loan amount and current amount of default, the date of the mortgage, a description of the property and the time, place and date of the foreclosure sale, must be recorded in the county where the property resides.
• The sheriff of the county in which the property is located must conduct the sale on the date specified in the notice of sale.
• At some point during the sale, the sheriff must read an itemized statement, which has been filed by the lender, of the amount due at the time of the sale.
• The property is sold to the highest bidder, who will receive certificate of sale.
• Lenders may pursue a deficiency judgment, but it is limited to the amount of the fair market value of the property and the unpaid balance of the original loan.
• Borrowers have up to one (1) year to redeem the property by paying the past due amount on the loan.

Related Information:
For assistance with foreclosure prevention in minnesota contact Minneapolis Field Office International Centre920 Second Avenue South, Suite 1300 Minneapolis, MN 55402-4012 Phone: (612) 370-3000

For minnesota mortgage foreclosuresee The Minnesota Mortgage Foreclosure Prevention Association (MMFPA) --- a statewide nonprofit organization that was established in 1993.

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