Are deficiency judgments allowed in Minnesota after foreclosure?

In certain cases, deficiency judgments are allowed in Minnesota after a foreclosure.

While they may be allowed in a judicial foreclosure proceeding, the amount of the judgment may be limited by the fair market value of the property that was foreclosed on. Homeowners have the right to a jury trial to determine the fair market value of the property.

If nonjudicial foreclosure is used with a power of sale clause in a deed of trust, and the six month redemption period is available to the homeowners after foreclosure, a deficiency judgment is not allowed.

Minnesota statutes relating to foreclosure of real estate are located at the following place in the state laws:

Minn. Stat. sections 580.01 to 580.30