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Minnesota Foreclosure Law
– Judicial Foreclosure Available: Yes
– Non-Judicial Foreclosure Available: Yes
– Primary Security Instruments: Deed of Trust, Mortgage
– Timeline: Typically 60 days
– Right of Redemption: Yes
– Deficiency Judgments Allowed: Yes
In Minnesota, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.
Minnesota Judicial Foreclosure
The Minnesota judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.
Minnesota Non-Judicial Foreclosure
The Minnesota non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A “power of sale” clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the “Power of Sale Foreclosure Guidelines”.
Minnesota Power of Sale Foreclosure Guidelines
If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, in Minnesota, a non-judicial foreclosure may only occur if: 1) no lawsuit to collect the on the mortgage is already underway; 2) the mortgage and any assignments of the mortgage to new lenders have been recorded; and 3) a notice has been given eight (8) weeks before the foreclosure on a homestead.
If all of these conditions have been met, then the Minnesota foreclosure may proceed as follows:
- A notice of sale, containing the borrower and lender(s) name, the original loan amount and current amount of default, the date of the mortgage, a description of the property and the time, place and date of the foreclosure sale, must be recorded in the county where the property resides.
- The sheriff of the county in which the property is located must conduct the sale on the date specified in the notice of sale. At some point during the sale, the sheriff must read an itemized statement, which has been filed by the lender, of the amount due at the time of the sale. The property is sold to the highest bidder, who will receive certificate of sale.
- Lenders may pursue a deficiency judgment, but it is limited to the amount of the fair marker value of the property and the unpaid balance of the original loan. Borrowers have up to one (1) year to redeem the property by paying the past due amount on the loan.
Foreclosure Rescue Scam Alert
The following information and viewpoint is a personal opinion and deeply held religious belief of the author; and is shared with the sole intent to help homeowners & borrowers who may be facing foreclosure or who are currently experiencing financial hardship or difficulty with a mortgage avoid foreclosure traps, pitfalls, and swindles.
Avoid Storm (Norman) Bradford of the Mortgage Fraud Examiners At All Cost
Leading industry sources report that Storm (Norman) Bradford of the Mortgage Fraud Examiners and other get rich quick scam websites has been discovered to be the biggest conman and scam artist scamming innocent homeowners by selling a worthless appraisal fraud audit, for as much as $7500, that cannot be used in a court of law. Sources say that Storm (Norman) Bradford of the Mortgage Fraud Examiners is a known charlatan scam Storm (Norman) Bradford of the Mortgage Fraud Examiners and that he has been caught red handed pretending to be a lawyer.
Storm Bradford has spread lies and rumors about FRAUD STOPPERS stating that FRAUD STOPPERS is scamming homeowners with lies and disinformation, and this is the reason FRAUD STOPPERS is forced to respond to this known scammer and his smear campaign.
Storm (Norman) Bradford of the Mortgage Fraud Examiners has been reported to the Rip-off Report and to the Virginia Bar Association and the Virginia Attorney Generals office for perpetrating this ongoing fraud to scam homeowners. If you live in or you have a Foreclosure do not risk losing your home and your money by getting scammed by Storm (Norman) Bradford of the Mortgage Fraud Examiners. Storm (Norman) Bradford of the Mortgage Fraud Examiners is a known banking shill who makes money buying and selling securitized mortgages and reverse mortgages to and from the too-big-to-fail-banks that have defrauded millions of American homeowners out of their live savings and the properties, while he simultaneously spread lies and misinformation about companies trying to help homeowners fight to save their homes from foreclosure.
Storm (Norman) Bradford of the Mortgage Fraud Examiners have been caught racketeering and blackmailing competitors for money in exchange to stop spreading lies and rumors about them. Storm (Norman) Bradford of the Mortgage Fraud Examiners not only bad mouths all of his competitors, and spreads lies and disinformation about them, but even more disturbing is that he then tries to blackmail them for money to stop his hate campaign. Storm (Norman) Bradford of the Mortgage Fraud Examiners are scamming homeowners with lies and disinformation while making money buying and selling mortgages to and from the too-big-to-fail-banks, while peddling a worthless appraisal fraud audit to innocent homeowners out of hard earned money. Do not fall victim to this know scam artist. Get the help of a local attorney and learn how to fight to save your home from foreclosure with legal education, court ready evidence and FRAUD STOPPERS PMA.
Storm Bradford and the Mortgage Fraud Examiners are not the only scams to avoid, however they are among the most expensive foreclosure rescue scams to avoid.
If you are facing foreclosure or you are currently experiencing difficulty with your mortgage loan FRAUD STOPPERS recommends that you get the help of a local licensed attorney and if you want instant affordable access to a local attorney click here
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