Question

If a lender wants to pursue a deficiency judgment against a Minnesota homeowner, which foreclosure process would most likely be used?

A. Foreclosure by Advertisement.
B. Strict Foreclosure.
C. Foreclosure by Judicial Action.
D. Foreclosure by Power of Sale.

Answer 1

Foreclosure by Judicial Action is the most likely process used to pursue a deficiency judgment against a Minnesota homeowner.

Step-by-step explanation:

If a lender wants to pursue a deficiency judgment against a Minnesota homeowner, the most likely foreclosure process that would be used is Foreclosure by Judicial Action.

In Minnesota, this is the most common type of foreclosure process and involves filing a lawsuit in court to obtain a judgment and order for foreclosure. The lender must prove that the homeowner has defaulted on their mortgage and that there is a deficiency in the amount owed.