Finance
A Minnesota seller is providing a purchase money mortgage (seller financing). When the buyer defaults, the seller can foreclose using which Minnesota foreclosure method?
AOnly judicial foreclosure
BPower of sale foreclosure under MN Stat. 580 or judicial foreclosure under MN Stat. 581✓ Correct
COnly a 90-day notice of default
DOnly through contract for deed cancellation proceedings
Explanation
Minnesota has two primary mortgage foreclosure methods: (1) Power of sale foreclosure (non-judicial) under MN Stat. 580, which is faster and less expensive; and (2) Judicial foreclosure under MN Stat.
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