Minnesota Foreclosure Laws

A judicial foreclosure is used when no power of sale clause is included in the loan documents. The lender must sue the borrower in default and obtain a court order to foreclose. In a non-judicial foreclosure a notice of intent to foreclose has been given at least eight weeks before the process begins. In either case it generally will take somewhere close to a sixty-day time frame for the foreclosure to be fully completed once it has been initiated by the lender.

There are certain conditions and terms, which must be met and followed in the non-judicial foreclosure in order for it to happen and be legally recognized. These steps are outlined as follows.

First a notice of sale has to be recorded with the county clerk where the property is located, and this must contain the borrowers and lenders information, the original amount of the mortgage being foreclosed and the delinquent amount as well as the place, time and date of the sale.

This official notice must be published consecutively for a minimum of six weeks prior to the date of sale, and a copy must be served on the mortgage holder at least four weeks prior to the sale.

The sale shall be handled in the form of a public auction by the sheriff of the county in which the property is located. The sheriff or his deputy must read out an itemized statement, filed by the lender, of the amounts due. The borrowers have up until one year to redeem the property by paying the delinquent amount plus any costs.

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