A Minnesota homeowner named Lars defaults on his mortgage. His lender proceeds with a non-judicial foreclosure under Chapter 580, and the foreclosure sale takes place on March 1. Lars wants to exercise his statutory right of redemption. What is the last date by which Lars must redeem the property under the standard redemption period?
Correct Answer
B) September 1 of the same year
Under Minn. Stat. § 580.23, the standard statutory redemption period for a non-judicial foreclosure in Minnesota is 6 months from the date of the foreclosure sale. Since the foreclosure sale occurred on March 1, Lars has until September 1 of the same year to redeem the property by paying the full foreclosure sale price plus allowable costs and interest.
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