This form is one of the Uniform Conveyancing Blanks developed by Minnesota Uniform Conveyancing Blanks Commission pursuant to Minnesota Code Section 507.09. These forms, which pertain to the transfer of legal title of property from one person to another, or the granting of an encumbrance such as a mortgage or a lien, have been approved by the Commissioner of Commerce.
Minnesota Notice of Intention To Redeem - By Individual - UCBC Form 60.5.1
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Minnesota
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MN-2032M
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FAQ
Redemption is a period after your home has already been sold at a foreclosure sale when you can still reclaim your home. You will need to pay the outstanding mortgage balance and all costs incurred during the foreclosure process. Many states have some type of redemption period.
After a property is sold at a sheriff's sale (foreclosure sale), there is a period of time referred to as the redemption period during which you still have some rights. For most properties it is a six month period.
The term redemption period refers to the period of time after a foreclosure sale (sheriff's sale) has been held. For residential property in Minnesota, the redemption period is typically six months, but in some cases twelve months.
The process, known as "statutory redemption," allows mortgagors (homeowners) a limited amount of time, often one year, to reclaim (or redeem) the property if they are able to pay what the property sold for at the foreclosure sale.
In a foreclosure by judicial sale, the redemption period is six months from the date of the foreclosure decree, unless the court orders a shorter time. Redemption is also available before the sale takes place, even if the initial redemption period expired.
There are two main ways to buy a foreclosed home: at auction or through a real estate listing. Once a bank takes possession of a property, it goes to a public foreclosure auction, during which the bank attempts to sell the property to the highest bidder.
When available, the right of redemption allows you to get your home back after a foreclosure. If you stop making your mortgage payments, the bank may use a process called foreclosure to sell your home and use the proceeds to repay the amount you borrowed, plus fees and costs.
During the redemption period, you or your tenant may continue to live in the property and are not required to make any mortgage payments. You also have the right to sell the property to another person or re-purchase the property.