A property in Wright County, Minnesota was sold at a non-judicial foreclosure sale under Minn. Stat. Ch. 580. The original borrower, Frank, had paid more than one-third of the original loan balance before defaulting. The foreclosure sale took place on March 1. What is Frank's statutory redemption period, and when does it begin to run?
Correct Answer
D) Frank has 6 months to redeem, beginning from the date of the foreclosure sale on March 1
Under Minn. Stat. Ch. 580, the standard statutory redemption period for a non-judicial foreclosure in Minnesota is 6 months, and it runs from the date of the foreclosure sale — not from the date of default, the date of filing, or the date of first publication. Because Frank paid more than one-third of the original debt, the standard 6-month period applies. The 12-month redemption period applies only when less than one-third of the original debt has been paid, or when the property is agricultural land.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Community property is a system where property acquired during a marriage is owned equally by both spouses.
A freehold estate represents ownership of real property with an indefinite duration.
Joint tenancy is a form of co-ownership in which two or more persons hold equal, undivided interests in property with the right of survivorship. When one joint tenant dies, their interest automatically passes to the surviving joint tenants.
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