Mortgage lenders in Minnesota can foreclose on property owners who have stopped making payments in one of two ways: by the nonjudicial foreclosure process or the judicial foreclosure process. Regardless of the type of foreclosure, Minnesota state law dictates the length of time that must pass at each phase of the foreclosure process.
Nonjudicial Process
In Minnesota, the non-judicial process of foreclosure is used for mortgages that include a power of sale clause, which gives the lender the right to foreclose and sell the property if the property owner defaults on the loan. The foreclosure process begins when the lender's attorney publishes a notice of foreclosure sale. The notice must be published every week for six weeks in a local general circulation newspaper. Four weeks before the sale date, the occupants of the property must be served with a notice from the county sheriff's office. Property owners have until the date of the sale, which is conducted by the sheriff's office, to make the mortgage current.
Judicial Process
If a mortgage does not include a power-of-sale clause, the lender's attorney must go through the court system to foreclosure on the property. The first step in that process is filing a legal document called a lis pendens. Then the lender has to wait for the judge to make a final judgment of foreclosure. Judicial foreclosures can take 12 months or more to go through the court system. Judicial foreclosures still require the lender's attorney to publish a notice of sale six weeks before the sale and to notify the occupants four weeks before the sale, however.
Postponing the Sale
By law, property owners can postpone the sale of their property by five months or 11 months, depending on the size and the amount still owed on the mortgage, by filing a foreclosure postponement document through the county recorder's office. The postponement must be filed after the first publication of the sale and within 15 days of the sale. Postponing the sale gives the property owner five months or 11 months to become current on her mortgage. But, postponing the sale also reduces the redemption period to reclaim the property after the sale in both cases to five weeks.
Redemption Period
After the foreclosure sale, the property owner has the right to reclaim her rights to the property if she pays all the back payments and any other fees within a set time frame. The redemption period is for the first six months after the sale, or 12 months after the sale if the property owner owes less than two-thirds of the original principal on the mortgage of a property that is more than 10 acres or if the property is more than 40 acres. After the redemption period ends, any occupants still living in the property must vacate it or face eviction.
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