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Understanding the Difference Between Minneapolis Judicial and Non-Judicial Foreclosures

Someone from the bank has called your house numerous times. The word “foreclosure” has been mentioned. What does it mean? Are all Minnesota foreclosures the same? How can you know more about your rights, and when is it time to contact a Minneapolis foreclosure attorney?

Let’s answer that last question first. The time to call an experienced and empathetic Minneapolis foreclosure lawyer is right now. Your attorney can help you understand how a foreclosure of Minneapolis property might occur in your case and inform you of your legal rights and possible alternatives.

Judicial and Non-Judicial Foreclosures in Minnesota
 
Generally, there are two types of foreclosure that could occur if you are behind on your Minnesota mortgage payments. One is called judicial foreclosure and the other is called non-judicial foreclosure. Judicial foreclosure occurs if your mortgage document does not contain a power of sale clause, or give the lender the right to proceed with a non-judicial foreclosure. In a judicial foreclosure, the lender is forced to file a lawsuit and get a court order to auction off your home.

A non-judicial foreclosure is different. If your mortgage documents allow this type of foreclosure, then you have already agreed to let the lender auction off your property if you default on the mortgage. Of course, non-judicial foreclosures are also subject to specific regulations, and the lender must comply with those regulations. You do have protections. A non-judicial foreclosure may only occur if a lawsuit involving the mortgage is not filed, the mortgage was recorded, and you receive the required notice before the foreclosure of your home.
 
How to Contact a Minneapolis Foreclosure Attorney
 
It is important to contact an experienced foreclosure lawyer in Minneapolis as soon as possible. Your lawyer will look at your loan documents and your payment history and advise you of your specific legal rights. You will not have to wonder or deal with the unknowns anymore.

Please call our Minneapolis foreclosure law firm today at 952.388.2942 or 800.619.8991 to schedule a free consultation with Attorney Barry Rosenzweig.