Finance
Under Minnesota's power-of-sale foreclosure law, the foreclosing lender must wait at least how many weeks from the first publication of the foreclosure notice before the sale can occur?
A2 weeks
B4 weeks
C6 weeks✓ Correct
D8 weeks
Explanation
Minnesota's power-of-sale foreclosure statute requires publication of the Notice of Mortgage Foreclosure Sale for six consecutive weeks before the sale date. This mandatory waiting period ensures adequate notice to the public, the borrower, and junior lienholders.
Related Minnesota Finance Questions
- A Minnesota homebuyer's monthly gross income is $6,500. Standard conventional mortgage guidelines suggest a maximum housing expense ratio of 28%. What is the maximum monthly PITI payment allowed?
- In Minnesota, a borrower who qualifies for both an FHA and conventional loan with equal rates should consider that FHA loans typically require:
- Minnesota's Mortgage Registry Tax (MRT) is charged on new mortgages. If the MRT rate is $0.23 per $100, what is the MRT on a $280,000 mortgage?
- USDA Rural Development loans in Minnesota are designed for:
- In Minnesota, which of the following is TRUE about the Minnesota Homestead Credit Refund (formerly the property tax refund)?
- A VA loan in Minnesota is available to:
- Discount points paid at closing on a Minnesota mortgage loan:
- A Minnesota borrower takes out a $320,000 mortgage at 6% annual interest. What is the first month's interest?
Practice More Minnesota Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Minnesota Quiz →