A Minnesota homeowner received a notice of foreclosure by advertisement under Ch. 580 after defaulting on his mortgage. His real estate agent explains that he has certain rights during the foreclosure process. Which of the following rights does the mortgagor retain during the period between the foreclosure sale and the expiration of the redemption period?
Correct Answer
D) The mortgagor retains the right to occupy the property and may redeem it by paying the full redemption amount
Under Minnesota law, during the statutory redemption period following a foreclosure sale, the mortgagor retains the right to possess and occupy the property. The mortgagor also retains the right to redeem the property by paying the full redemption amount (the foreclosure sale price plus interest and allowable costs) before the redemption period expires. These rights are protected by statute and are a significant feature of Minnesota's borrower-protective foreclosure framework.
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Related Topics & Key Terms
Key Terms:
Related Concepts
An adjustable-rate mortgage (ARM) has an interest rate that changes periodically based on market conditions, typically after an initial fixed-rate period. The rate adjustment is tied to a financial index plus a margin.
Closing costs are the fees and expenses paid by the buyer and seller at the closing of a real estate transaction, beyond the purchase price. They typically range from 2-5% of the purchase price.
A conventional loan is a mortgage that is not insured or guaranteed by a government agency such as the FHA, VA, or USDA. It is originated and funded by private lenders and may be conforming or non-conforming.
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