Minnesota
Minnesota Statutes § 580.01. Both foreclosure state.
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?+
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