Minnesota

Minnesota Statutes § 580.01. Both foreclosure state.

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Judicial Type

Both

Redemption

6 months from sale for most residential property (Minn. Stat

Deficiency

Lender may pursue deficiency. Deficiency determined in a sep

Mediation

Minnesota Home Ownership Center provides foreclosure prevent

Statute Citation

Minn. Stat. §§ 580.01-580.30

Redemption Period

6 months from sale for most residential property (Minn. Stat. § 580.23). 5 weeks if the property is abandoned or the mortgage was executed after July 1, 1967 and the amount claimed is less than 2/3 of the property's original principal.

Deficiency Judgment Rule

Lender may pursue deficiency. Deficiency determined in a separate lawsuit after the expiration of the redemption period. The fair value of the property at the time of sale is relevant to computing deficiency.

Notice Requirements

Non-judicial foreclosure by advertisement: notice published 6 weeks, notice mailed, notice of sale recorded. Judicial foreclosure also available.

Mediation Program

Minnesota Home Ownership Center provides foreclosure prevention counseling. No mandatory statewide mediation.

Key Provisions

Foreclosure by advertisement (non-judicial) is the standard; judicial alternative
6-month redemption period for most owner-occupied residences
6-week publication requirement
Separate lawsuit for deficiency after redemption expires

Homeowner Protections

6-month redemption period
Required counseling notice with the foreclosure notice
Lender must comply strictly with publication and posting requirements
Redemption period allows for cure, sale, or relocation

Frequently Asked Questions

How does Minnesota's redemption period work?+

After the foreclosure sale, you have a 6-month redemption period (for most owner-occupied residential properties). During this time, you may remain in the property and the sheriff's sale is not yet final. You can redeem by paying the amount bid at the sale plus interest. The purchaser cannot evict you until the redemption period expires. This gives you 6 months to secure financing, negotiate a deed-in-lieu, or find alternative housing while remaining in your home.

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