580.01 LIMITATION. Subject to the provisions of section 541.03, any mortgage of real estate containing a power of sale, upon default being made in any condition thereof, may be foreclosed by advertisement. History: (9602) RL s 4457; 1953 c 277 s 1
580.02 REQUISITES FOR FORECLOSURE. To entitle any party to make such foreclosure, it is requisite: (1) that some default in a condition of such mortgage has occurred, by which the power to sell has become operative; (2) that no action or proceeding has been instituted at law to recover the debt then remaining secured by […]
580.021 FORECLOSURE PREVENTION COUNSELING. Subdivision 1. Applicability. This section applies to foreclosure of mortgages by advertisement under this chapter and foreclosure of mortgages by action under chapter 581 on property consisting of one to four family dwelling units, one of which the owner occupies as the owner’s principal place of residency when the notice of […]
580.022 FORMS. Subdivision 1. Counseling form. The notice required under section 580.021, subdivision 2, clause (2), must be printed on colored paper that is other than the color of any other document provided with it and must appear substantially as follows: “PREFORECLOSURE NOTICE Foreclosure Prevention Counseling Why You Are Getting This Notice We do not […]
580.025 FORECLOSURE DATA. Subdivision 1. Applicability. This section applies to foreclosure of mortgages under this chapter on property consisting of one to four family dwelling units. Subd. 2. Data required. The notice of pendency required by section 580.032, subdivision 3; the notice of sale required by section 580.04; and the certificate of sale required by […]
580.03 NOTICE OF SALE; SERVICE ON OCCUPANT. Six weeks’ published notice shall be given that such mortgage will be foreclosed by sale of the mortgaged premises or some part thereof, and at least four weeks before the appointed time of sale a copy of such notice shall be served in like manner as a summons […]
580.032 REQUEST FOR NOTICE; MAILED NOTICE. Subdivision 1. Recording request for notice. A person having a redeemable interest in real property under section 580.23 or 580.24, may record a request for notice of a mortgage foreclosure by advertisement with the county recorder or registrar of titles of the county where the property is located. To […]
580.033 WHERE NOTICE PUBLISHED. Subdivision 1. Location of qualified newspaper. For purposes of this chapter, publication of the notice of sale is sufficient if it occurs: (1) in a qualified newspaper having its known office of issue located in the county where the mortgaged premises, or some part of the mortgaged premises are located; or […]
580.04 REQUISITES OF NOTICE. (a) Each notice shall specify or contain: (1) the name of the mortgagor, the mortgagee, each assignee of the mortgage, if any, and the original or maximum principal amount secured by the mortgage; (2) the date of the mortgage, and when and where recorded, except where the mortgage is upon registered […]
580.041 FORECLOSURE ADVICE AND REDEMPTION RIGHTS NOTICE TO OWNERS. Subdivision 1. [Renumbered subd 1b] Subd. 1a. Applicability. This section applies to foreclosure of mortgages by advertisement under this chapter and foreclosure of mortgages by action under chapter 581 on property consisting of one to four family dwelling units, one of which the owner occupies as […]
580.042 FORECLOSURE ADVICE NOTICE TO TENANT. Subdivision 1. Applicability. This section applies to foreclosure of mortgages by advertisement under this chapter and foreclosure of mortgages by action under chapter 581 on property consisting of one to four family dwelling units, one or more of which are occupied by a tenant as a residence. Subd. 2. […]
580.045 RECORD OWNER WITH NO FINANCIAL INTEREST. A notice of foreclosure required under section 580.04 must include the name of each mortgagor who, at the time of first publication of the notice, has been released from financial obligation on the mortgage and a statement that the named mortgagor has been released from financial obligation on […]
580.05 ATTORNEY TO FORECLOSE; RECORD OF POWER. When an attorney at law is employed to conduct such foreclosure, the authority of the attorney at law shall appear by power of attorney executed and acknowledged by the mortgagee or assignee of the mortgage in the same manner as a conveyance, and recorded prior to the sale […]
580.06 SALE, HOW AND BY WHOM MADE. The sale shall be made by the sheriff or the sheriff’s deputy at public venue to the highest bidder, in the county in which the premises to be sold, or some part thereof, are situated, between 9:00 a.m. and 4:00 p.m. History: (9607) RL s 4462; 1986 c […]
580.07 POSTPONEMENT. Subdivision 1. Postponement by mortgagee. (a) The sale may be postponed, from time to time, by the party conducting the foreclosure. The party requesting the postponement must, at the party’s expense: (1) publish, only once, a notice of the postponement and the rescheduled date of the sale, if known, as soon as practicable, […]
580.08 SEPARATE TRACTS. If the mortgaged premises consist of separate and distinct farms or tracts, they shall be sold separately, and no more farms or tracts shall be sold than are necessary to satisfy the amount due on such mortgage at the date of notice of such sale, with interest, taxes paid, and costs of […]
580.09 FORECLOSURE OF INSTALLMENT; SALE; PROCEEDS; REDEMPTION. Where a mortgage is given to secure the payment of money by installments, each installment, either for principal or interest, or both, as is due at any time, may be taken and deemed to be a separate and independent mortgage, and such mortgage for each such installment may […]
580.10 SURPLUS. In all cases not provided for in section 580.09, if, after sale of any real estate, made as herein prescribed, there remains in the hands of the officer making the sale any surplus money, after satisfying the mortgage, with interest, taxes paid, and costs of sale, the surplus shall be paid over by […]
580.11 MORTGAGEE OR ASSIGNEE MAY PURCHASE. The mortgagee, the mortgagee’s assignee, or the legal representative of either or both, may fairly and in good faith purchase the premises so advertised, or any part thereof, at such sale. History: (9612) RL s 4467; 1986 c 444
580.12 CERTIFICATE OF SALE; RECORD; EFFECT. When any sale of real property is made under a power of sale contained in any mortgage, the officer shall make and deliver to the purchaser a certificate, executed in the same manner as a conveyance, containing: (1) a description of the mortgage; (2) a description of the property […]
