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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