Minnesota foreclosure law gives lenders the option to carry out foreclosure processes through judicial or non-judicial routes.
- Under the judicial route a lawsuit will have to be filed in the court to which the borrower has to respond within the ordained period of time.
- 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 property, etc. and also record it in the county in which the property is located.
- The sheriff of the county is responsible for conducting the sale of the property based on the notice for sale.