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Foreclosure Survival Guide
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Foreclosure Survival Guide (1st Edition)
| Topic | State Rule |
|---|---|
| Common type of foreclosure process | Nonjudicial: under power of sale in deed of trust |
| Time to respond | Foreclosing party must serve notice of sale on homeowner at least four weeks before the sale and must publish the notice six weeks before the sale. |
| Reinstatement of loan before sale | Available any time before the foreclosure sale |
| Redemption after sale | For most homeowners, available for six months after the sale. Former owner may stay in the house during this period. |
| Special protections for foreclosures involving high-cost mortgages | None |
| Special state protections for service members | Minn. Stat. §§ 72A.20(8)(b),(c) |
| Deficiency judgments | Nonjudicial: not available with a six-month redemption period (which will usually be the case) |
| Cash exempted in bankruptcy | About $11,000 for one person, $22,000 for a married couple under federal bankruptcy exemptions |
| Notice to leave after house is sold | New owner must give one month’s notice after redemption period ends before filing an eviction lawsuit. Minn. Stat. § 504B.285 |
| Foreclosure statutes | Minn. Stat. §§ 580.01 to 580.30 |