Sentences with phrase «forecloses by advertisement»
If a clients signs a first mortgage reaffirmation agreement and later defaults on the mortgage loan, the lender will still foreclose, but assuming that the lender forecloses by advertisement (and almost all mortgages are foreclosed this way in Minnesota), the debtor need not worry about having to pay a deficiency if the home sells for less than the mortgage balance.
http://blog.kainscott.com/
Minnesota law says that if a loan is foreclosed by advertisement, the lender does not have the ability to collect a deficiency after the sale from the home owner / borrower.