Minnesota · ForeclosureMinnesota foreclosure by advertisement: notice, the sheriff's sale, reinstatement and redemption

A Minnesota mortgage with a power of sale is foreclosed by advertisement: six weeks of published notice, with a copy served on the occupant at least four weeks before the sale (Minn. Stat. §580.03), and a public auction by the sheriff in the county between 9 a.m. and 4 p.m. (§580.06). Up to the sale, the owner or a junior lienholder can reinstate by paying the amount actually in default plus taxes, insurance, interest, publication and service costs and limited attorney's fees; the lender must give the reinstatement figure within three days of a request, and the figure is good for seven days or until the sale (§580.30). After the sale, the mortgagor or the mortgagor's assigns can redeem within six months by paying the sale price with interest at the mortgage rate stated in the sheriff's certificate, or 6% if none is stated, plus further sums allowed by statute; the period is twelve months in listed cases, such as when less than two-thirds of the original principal was owed at the notice or the land exceeded set acreage limits (§580.23). The sale proceeds satisfy the debt except as the deficiency statute allows, and no deficiency judgment is allowed after a foreclosure by advertisement with a six-month or five-week redemption period (§§580.225, 582.30).