Here is a summary of foreclosure laws and rules for the State of Minnesota:
- Lenders can use either a mortgage or a deed of trust. In Minnesota a non-judicial foreclosure is called a sale by advertisement. A sale by advertisement allows many defenses against a foreclosure to be waived.
- Redemption is rare in Minnesota. The redemption period varies depending on the type of property and the wording of the mortgage. The statutes uses the term "redemption" for both redemption and reinstatement. The redemption period appears to be about five weeks in either case.
- Deficiency judgment are allowed.
If you are interested in reading the actual statutes relevant to mortgage and foreclosure in Minnesota those laws are available online.
Learn more about what the above procedures and rules mean. Review the homeowner foreclosure guide on this website.
