Stop Foreclosure Minnesota

Did you know there are several programs that can help save your Minnesota home and stop the impending foreclosure? Loss Mitigation Agencies, such as ours, are experts in these programs and have assisted thousands of homeowners by providing straight answers and viable solutions.

Sometimes things beyond your control can put you into a financial bind that makes it hard to keep up with your mortgage payments. Don't let a missed mortgage payments in Minnesota MN turn into default, mortgage foreclosure or eviction.

You and your family can rely upon us to provide guidance, comfort and assurance through this current situation. Let us reduce your stress and put you at ease.

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Minnesota MN Foreclosure Laws

Lenders in the state of Minnesota may foreclose on a deed of trust or mortgage in default using either a judicial or non-judicial foreclosure process. Foreclosure is either by court action or by advertisement.

Judicial Foreclosure

 The judicial process of foreclosure in Minnesota requires that a lawsuit be filed by the lender and that the lender obtain a judgment for the amount owing and a court order requiring that the property be sold. Before attempting any foreclosure, the lender is required to give at least thirty (30) days notice of the default. Complex mandatory mediation procedures are followed in situations involving agricultural property.

Non-Judicial Foreclosure

 The 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 basically states that in the event the loan is defaulted, the borrower pre-authorizes the sale of property to pay off the balance on a loan. The lender or their representative is given the authority to sell the property. The procedure for this type of foreclosure process is explained in the Power of Sale Foreclosure Procedure listed below.

Power of Sale Foreclosure Procedure

If the mortgage contains a power of sale clause, Minnesota allows for the property to be foreclosed by advertisement, if the following conditions are met:

1. The mortgage is in default
2. No lawsuit to collect on the mortgage is underway,
3. The mortgage and any assignments of the mortgage to new lenders have been recorded and notice given eight (8) weeks prior to the foreclosure.

Deficiency judgments filed by the lender are allowed, but limited to the amount of the fair market value of the property and the remaining unpaid balance on the original loan after the sale of the property.

While unusual in the state of Minnesota, borrowers do have up to one (1) year to redeem the property by paying the past due amount on the loan instead of the entire loan balance after acceleration.

Legal Information Is Not The Same as Legal Advice This site provides information about Minnesota state foreclosure law designed to help users safely cope with their own legal needs and possible find alternatives. Everyone's legal status is different. The laws of every state are in constant change and we recommend you consult a lawyer.