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Foreclosure Notice of Inbtention to Redeem
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Notice of Intention to Redeem:

After the redemption period has for the borrower has expired, redemptions may be made by persons other than the mortgagor who have liens on the property being foreclosed and who have filed a Notice of Intention to Redeem with the county recorder at least one week before the end of the borrowers period of redemption.

Examples of such lien holders (or junior lien holders) include the following:

  • those who have a Mechanic’s Lien filed against the property.
  • those who hold a Judgment against the mortgagor.
  • those who hold a Mortgage against the property other the foreclosed mortgage.
  • those who have any other valid lien existing against the property.

The requirements for junior lienholders to redeem are set forth in Minnesota Statutes 580.24 and 580.25.  

 

In order for a junior lienholder to redeem, they must be meet the requirements set out by statute.  By filing a Notice of Intent to Redeem the junior lienholder is not obligated to redeem but has the right to do so.    

Whether a junior lienholder should redeem depends on many factors including the fair market value of the property, the amount needed to redeem, the amount owed to the junior lienholder. to redeem and the other options available to the junior lienholder to recover what is owed..  

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NOTICE:

The foregoing is not intended to constitute legal advice for any specific circumstance, but is intended to reflect broadly applicable principles, under Minnesota law, relevant to a typical situation. Each set of facts and each contract is, or can be unique; the unique facts and specific language of the contract may require a different legal analysis and may result in a different outcome. Before proceeding in reliance upon this or any other general description of law, consult with an attorney competent in the field of practice relevant to your situation.

 

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