Chapter 580 — Mortgage Foreclosure by Advertisement

15.001 Application of Laws 2005, Chapter 56, Terminology Changes This section says that state agencies should use updated terminology from a 2005 law when they replace old printed … 580.001 This section is a cross-reference placeholder that points to section 15.001, which deals with terminology changes from a … 580.01 Limitation This law authorizes foreclosure by advertisement (without going to court) in Minnesota. Any mortgage that contains a … 580.02 Requisites for Foreclosure This law lists the requirements that must be met before a lender can foreclose on a home or property in Minnesota … 580.021 Foreclosure Prevention Counseling This section requires lenders to offer free foreclosure prevention counseling before starting a foreclosure on a home … 580.022 Forms This section provides the exact forms that must be used in foreclosure prevention counseling. One form notifies the … 580.025 Foreclosure Data This section requires certain information to be included in foreclosure documents for homes with one to four units. The … 580.03 Notice of Sale; Service on Occupant When a lender forecloses on a property in Minnesota, the lender must publish a notice of the sale for six weeks. The … 580.031 This section has been repealed. It previously contained foreclosure-related provisions that were removed through a … 580.032 Request for Notice; Mailed Notice Anyone with a right to redeem property after a foreclosure (such as a second mortgage holder) can record a request for … 580.033 Where Notice Published This section says where the foreclosure notice of sale must be published. It must appear in a qualified newspaper in the … 580.04 Requisites of Notice This law spells out exactly what information must be included in a foreclosure notice in Minnesota. The notice must list … 580.041 Foreclosure Advice and Redemption Rights Notice to Owners When a home with one to four units is being foreclosed, the lender must send the homeowner two special notices: a 'Help … 580.042 Foreclosure Advice Notice to Tenant When a rental property with one to four units is being foreclosed, the lender must send tenants a special notice … 580.045 Record Owner With No Financial Interest This section requires that the foreclosure notice include the name of any mortgagor who has been released from the … 580.05 Attorney to Foreclose; Record of Power This section requires that when an attorney conducts a foreclosure by advertisement, the attorney's authority must be … 580.06 Sale, How and by Whom Made A foreclosure sale in Minnesota must be conducted by the county sheriff or a deputy sheriff as a public auction, sold to … 580.07 Postponement A foreclosure sale can be postponed by the lender or by the homeowner. The lender can postpone the sale by publishing a … 580.08 Separate Tracts If a mortgage covers more than one separate piece of land, the properties must be sold individually at the foreclosure … 580.09 Foreclosure of Installment; Sale; Proceeds; Redemption This section allows a lender to foreclose on individual missed installment payments without having to foreclose on the … 580.10 Surplus If the foreclosure sale brings in more money than what is owed on the mortgage, the extra money (the 'surplus') belongs … 580.11 Mortgagee or Assignee May Purchase The lender (or the person who owns the mortgage) is allowed to bid on and buy the property at the foreclosure sale. They … 580.12 Certificate of Sale; Record; Effect After a foreclosure sale, the sheriff gives the buyer a certificate of sale that describes the property, the sale price, … 580.13 Premises in More Than One County; Record When a mortgage covers property in more than one county and the foreclosure happens in just one county, a certified copy … 580.14 Execution After Expiration of Term If a sheriff or deputy who conducted a foreclosure sale leaves office within 20 days after the sale, they can still sign … 580.15 Perpetuating Evidence of Sale This section lists the affidavits that can be recorded to preserve proof that a foreclosure sale was done correctly. … 580.16 This section has been repealed. It was removed by a 2005 law and no longer contains any active provisions. 580.17 Affidavit of Costs Within ten days after the certificate of sale is recorded, the party who foreclosed must record a sworn, itemized list … 580.18 Excessive Costs or Interest If a lender charges foreclosure costs that were not actually paid, the homeowner can sue within one year of the sale and … 580.19 Certificate as Evidence The sheriff's certificate of sale from a foreclosure is treated as initial proof that the foreclosure was done … 580.20 Action to Set Aside for Certain Defects A foreclosure sale cannot be overturned for problems with the notice or the sale process unless the challenge is brought … 580.21 Action to Set Aside Sale; Limitation A foreclosure sale cannot be challenged or set aside unless a lawsuit is filed within 15 years after the sale date. This … 580.22 Interest of Purchaser; Attachment or Judgment The interest a buyer gets at a foreclosure sale can be seized through an attachment or judgment lien, just like regular … 580.225 Satisfaction of Mortgage When a home is sold through foreclosure, the amount the lender receives from the sale is full payment of the mortgage … 580.23 Redemption by Mortgagor; Affidavit of Nonagricultural Use; Waiver After a foreclosure sale in Minnesota, the homeowner usually has 6 months to buy back (redeem) the property by paying … 580.24 Redemption by Creditor If the homeowner does not redeem the property after a foreclosure sale, other creditors who have a lien on the property … 580.25 Creditor Redemption; How Made A creditor with a lien on the property (like a second mortgage holder or judgment creditor) can redeem the property … 580.26 Certificate of Redemption; Record When someone redeems property after a foreclosure sale, the person they redeem from must give them a certificate of … 580.27 Effect of Redemption When the property owner redeems after a foreclosure sale, the sale is canceled and the owner keeps the property. When a … 580.28 Action to Set Aside Mortgage; Foreclosure; Redemption If you file a lawsuit claiming a mortgage is fraudulent, void, or already paid off, and the redemption period will … 580.29 Holder of Junior Mortgage May Pay Default in Prior Mortgage If you hold a second mortgage (or other junior lien) on a property, you can make payments on the first mortgage to … 580.30 Mortgages, When Reinstated A homeowner can stop a foreclosure at any time before the sale by paying the amount actually in default -- not the full …