Finance
When a Minnesota lender forecloses using the power of sale method, the homeowner has a statutory right of redemption for how long after the foreclosure sale?
A3 months
B6 months✓ Correct
C1 year
D2 years
Explanation
Under Minnesota's power of sale foreclosure law (MN Stat. 580), the homeowner typically has a 6-month statutory redemption period after the foreclosure sale to pay off the debt and reclaim the property. For residential properties where the foreclosure sale price was at least two-thirds of the appraised value, the redemption period may be shortened to 5 weeks if certain conditions are met.
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