The Minnesota Department of Revenue requires notice of any mortgage foreclosure proceedings if a lien was recorded. Notice is also required when a contract for sale or contract for deed is terminated or canceled and a lien recorded.. Notices must be sent to the department 25 days prior to the foreclosure or the termination. View the statute (Minnesota Statutes, section 270C.63, subdivision 11).
Notification is not required if the lien was filed within 30 days of the foreclosure sale or date of termination.
If a foreclosure sale is conducted by the county sheriff, there is a redemption period of 6 to 12 months. Four things can happen during the redemption period:
- The debtor obtains a new mortgage and retains ownership of the property.
- The debtor sells the property.
- The department redeems the property.
- The department sells the redemption rights.