Minnesota

For homeowners facing foreclosure in Minnesota, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Foreclosures in Minnesota can be judicial, meaning the bank must file a lawsuit in court in order to foreclose.

Nonjudicial Foreclosure

Foreclosures in Minnesota can also be nonjudicial but a court must confirm the sale.

Foreclosure Notification

Minnesota law requires the four notices:

  • The bank must mail the homeowner a written notice of default before starting a foreclosure process that allows 30 days to cure the default.
  • The bank must notify of the availability of foreclosure prevention counseling and send the homeowner’s contact information to a foreclosure prevention agency.
  • The bank must first file a notice of foreclosure with the county recorder’s office and publish a notice of sale in a local newspaper for six weeks before the sale. The bank must also serve a notice of sale to the homeowner four weeks before the sale.
  • The bank must offer foreclosure advice that informs on how to get help, as well as a notice of redemption rights that states what happens after the foreclosure sale. The bank is expected to send a foreclosure advice notice at least once every 60 days until the foreclosure sale.

Minnesota Foreclosure Protections

Minnesota law provides protections in accordance with the federal Service Members Civil Relief Act.

Minnesota law allows the homeowner to postpone the foreclosure sale in exchange for a reduced redemption period of five weeks.

Reinstatement and Redemption

In Minnesota, homeowners have get six months to redeem the home after the foreclosure, yet the redemption period can be extended to one year for certain agricultural properties or when the amount due is less than 2/3 of the original loan amount. Abandoned homes can be redeemed for five weeks. If the homeowner postpones the sale, the redemption period is also five weeks.

Deficiency Law

In Minnesota, the bank cannot be awarded a deficiency judgment if the mortgage is foreclosed nonjudicially or if there is a six-month or five-week redemption period.

Eviction Notice

In Minnesota, the new homeowner can evict the former homeowner after the redemption period ends. For information regarding how to avoid foreclosure in Michigan, visit HUD.gov.

Minnesota

For homeowners facing foreclosure in Minnesota, the following is a summary of the state’s foreclosure laws:

Judicial Foreclosure

Foreclosures in Minnesota can be judicial, meaning the bank must file a lawsuit in court in order to foreclose.

Nonjudicial Foreclosure

Foreclosures in Minnesota can also be nonjudicial but a court must confirm the sale.

Foreclosure Notification

Minnesota law requires the four notices:

  • The bank must mail the homeowner a written notice of default before starting a foreclosure process that allows 30 days to cure the default.
  • The bank must notify of the availability of foreclosure prevention counseling and send the homeowner’s contact information to a foreclosure prevention agency.
  • The bank must first file a notice of foreclosure with the county recorder’s office and publish a notice of sale in a local newspaper for six weeks before the sale. The bank must also serve a notice of sale to the homeowner four weeks before the sale.
  • The bank must offer foreclosure advice that informs on how to get help, as well as a notice of redemption rights that states what happens after the foreclosure sale. The bank is expected to send a foreclosure advice notice at least once every 60 days until the foreclosure sale.

Minnesota Foreclosure Protections

Minnesota law provides protections in accordance with the federal Service Members Civil Relief Act.

Minnesota law allows the homeowner to postpone the foreclosure sale in exchange for a reduced redemption period of five weeks.

Reinstatement and Redemption

In Minnesota, homeowners have get six months to redeem the home after the foreclosure, yet the redemption period can be extended to one year for certain agricultural properties or when the amount due is less than 2/3 of the original loan amount. Abandoned homes can be redeemed for five weeks. If the homeowner postpones the sale, the redemption period is also five weeks.

Deficiency Law

In Minnesota, the bank cannot be awarded a deficiency judgment if the mortgage is foreclosed nonjudicially or if there is a six-month or five-week redemption period.

Eviction Notice

In Minnesota, the new homeowner can evict the former homeowner after the redemption period ends. For information regarding how to avoid foreclosure in Michigan, visit HUD.gov.

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