|
Judicial |
Yes | |
| Non Judicial | Yes | |
| Primary Security | Deed of Trust, Mortgage | |
| Timeline | 60 Days | |
| Redemption | Yes, 6-12 months |
|
| Notice | Petition | |
| Deficiency Judgment | Yes |
Minnesota Foreclosure Process and Procedure
If you default on your mortgage, your lender can institute foreclosure proceedings against you and auction your property at a foreclosure sale.
Minnesota prefers conducting foreclosures by non-judicial foreclosure/foreclosure by advertisement. Lenders can also file a judicial foreclosure action/foreclosure by action.
Notice Requirements for Foreclosure in Minnesota
Prior to commencing foreclosure, the attorney conducting the foreclosure must file a power of attorney indicating the foreclosure will be pending. A notice of sale must be published for six weeks in a newspaper of general circulation in the county where the property is located. The notice must be served on all property occupants/owners at least four weeks prior to the sale or eight weeks prior to the sale for homestead properties.
Minnesota Deficiency and Anti-Deficiency Laws
The lender may obtain a deficiency judgment if the property is sold at public sale for less than the loan amount.
Minnesota Redemption Rights
Minnesota has a post-sale statutory right of redemption is twelve months if the amount due as of the date of the filing of the notice of sale is less than 2/3 of the original amount of the loan and the property exceeds 10 acres or 40 acres.
Mortgages executed after December 31, 1989 may have the redemption period shorted by court order to five weeks if the property has been abandoned.
Minnesota Assistance, Special Programs, Government Help, and Law Updates
Foreclosure Programs:
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Minnesota Foreclosure Avoidance Counseling -HUD
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The Home Affordable Mortgage Modification Program
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The Home Affordable Refinance Program
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The Home Affordable Foreclosure Alternatives Program
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FHA Secure
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Hope for Homeowners
Foreclosure Lawyer
Minnesota foreclosure laws are complex. It is recommended that you consult with a foreclosure lawyer who can advise you about options to avoid foreclosure including refinancing, reinstatement, deed in lieu, mortgage modification, short sale or bankruptcy.
