Sandra owns a home in Bloomington, Minnesota. She is delinquent on her mortgage, and the lender proceeds with a non-judicial foreclosure under Minn. Stat. Ch. 580. The foreclosure sale takes place on March 15. The property is a single-family home, and Sandra has paid more than one-third of the original loan amount. What is the last date by which Sandra can exercise her statutory right of redemption?
Correct Answer
A) September 15 of the same year (6 months from the foreclosure sale date)
Under Minn. Stat. § 580.23, the statutory redemption period for a non-judicial (Chapter 580) foreclosure in Minnesota is typically 6 months from the date of the foreclosure sale, provided the mortgagor has paid more than one-third of the original principal debt. Since the foreclosure sale occurred on March 15, Sandra's redemption period expires on September 15 of the same year. The 6-month period is measured from the foreclosure sale date, not from the date of default or filing.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Real property is immovable land and anything permanently attached to it, while personal property (also called chattels) is movable.
Tenancy by the entirety is a form of co-ownership available only to married couples that includes the right of survivorship and protection from individual creditors. Neither spouse can unilaterally sell or encumber the property.
Tenancy in common is a form of co-ownership in which two or more persons hold separate, undivided interests in property without the right of survivorship. Each owner can hold unequal shares and can independently transfer their interest.
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