Foreclosure & Alternatives Law

Does Minnesota Law Allow for a Redemption Period After a Foreclosure?

Yes, Minnesota provides borrowers with a statutory right of redemption. The redemption period ranges from only five weeks in cases where the borrower has abandoned the property to one year in cases where the borrower owes less than two thirds of the original principal amount of the loan. If the owner has not abandoned the property and owes more than two thirds of the original principal amount of the loan then the redemption period is six months.