Minnesota foreclosure law gives lenders the option to carry out foreclosure processes through judicial or non-judicial routes.
- Under the judicial route of Minnesota foreclosure law, a lawsuit will have to be filed in the court to which the borrower has to respond within the ordained period.
- The court, if convinced of default by the borrower, will order foreclosure of the property.
- The lender has to issue a notice to the borrower specifying the loan amount, interest payable, default amount, description of the property, etc. and also record it in the county in which the property is located.
- The county sheriff is responsible for conducting the sale of the property based on the notice for sale.
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