A Minnesota property has been sold at a non-judicial Chapter 580 foreclosure sale. Which of the following parties does NOT have a statutory right of redemption under Minnesota law?
Correct Answer
D) The foreclosing first mortgage lender who conducted the foreclosure sale
The foreclosing first mortgage lender who conducted the non-judicial foreclosure sale does NOT have a statutory right of redemption under Minnesota law. The lender's remedy was the foreclosure sale itself — the lender becomes the holder of the sheriff's certificate if no one else bids above the minimum, but the lender does not hold a separate right to redeem the property from itself. Redemption rights under Minn. Stat. §§ 580.23 and 580.24 are held by the mortgagor and junior lienholders — parties whose interests are subordinate to or affected by the foreclosure.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The debt-to-income ratio (DTI) compares a borrower's monthly debt obligations to their gross monthly income. It is used by lenders to determine how much mortgage a borrower can afford.
In the context of foreclosure, a deed transfers ownership of the foreclosed property to the new owner, typically the buyer at a foreclosure sale.
Discount points are upfront fees paid to a lender at closing to reduce (buy down) the interest rate on a mortgage loan. One point equals 1% of the loan amount and typically reduces the rate by approximately 0.25%.
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