MINNESOTA FORECLOSURE LAWS
TYPES OF FORECLOSURE:
Non judicial is permitted when the mortgage has the power of sale clause.
Judicial foreclosure: This procedure is used when no power of sale clause is contained in the mortgage.
Deficiency: A deficiency is possible under both types of foreclosure. All deficiencies have to consider market value as value received by the lender for the property.
Redemption: Redemption is rare in this state. More commonly a former owner may once again buy their property back from the foreclosure buyer (if they meet certain criteria) by what is known as the “Right of first refusal.” For up to five years the buyer of the property has to give the former owner the first chance to buy the property back at the price another buyer would be interested