Minnesota Foreclosures and Foreclosed Homes for Sale

While most Minnesota foreclosures are non-judicial, lenders may exercise the option to a judicial foreclosure, or the terms of a mortgage may require it. Four months is the average time for the foreclosure process in Minnesota, which includes the pre-foreclosure and auction periods.

In a non-judicial foreclosure, the mortgage usually contains a power-of-sale clause which allows the lender to foreclose quickly, and outside of the court system. No matter which type of foreclosure process is used, the borrower usually has the right to stop the foreclosure by paying the default amount in full, plus costs, at any time prior to the auction date.

Once the auction date has been scheduled, a notice of sale must be published in a local newspaper for no less than six weeks. In addition, all occupants of the property must be given the notice of sale in person no less than four weeks before the scheduled auction date. These notices of sale are a valuable resource for anyone looking to purchase a Minnesota foreclosure, as they list all pertinent information, including the default amount, a property description, and the terms of the auction, which include the redemption period.

The location of the auction will vary, so it is important to carefully read the notice of sale. The property is sold to the highest bidder, who must pay the full purchase price the day of the auction, either in cash, or by cashier's check. The winner is then given a certificate of sale, with full ownership rights immediately after the redemption period, which is typically around six months.

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