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Last Updated: 7/26/2017

Mortgage Foreclosures and Contract Terminations

If we have a lien on real property, the mortgage holder (lender) or deed holder (seller) must notify us before foreclosing on the mortgage or terminating (canceling) a contract for sale or contract for deed. (See Minnesota Statute 270C.63, subdivision 11.)

Send written notice to us 25 days before the foreclosure or contract termination. You do not have to notify us if we filed the lien within 30 days of the foreclosure sale or date of termination.

Sheriff’s Sales

If the county sheriff conducts a foreclosure sale, there is a redemption period of 6 to 12 months. During the redemption period:

  • The debtor may get a new mortgage and retain ownership of the property
  • The debtor may sell the property
  • We may redeem the property
  • We may sell the redemption rights to the property