Foreclosed Homes in Minneapolis, Minnesota

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Minneapolis ( (listen)) is the largest city in the U.S. state of Minnesota and the 16th-largest metropolitan area in the United States. As of 2018, Minneapolis has an estimated population of 425,403, making it the 46th-largest city in the United States. Minneapolis and its neighbor Saint Paul make up Twin Cities, with Minneapolis being the larger of the two. The Twin Cities metro and their surrounding suburbs contain about 3.63 million people, making it the third-largest economic and population center in the Midwest. Minneapolis is the county seat of Hennepin County.Minneapolis lies on both banks of the Mississippi River, just north of the river's confluence with the Minnesota River, and adjoins Saint Paul, the state's capital. The city is abundantly rich in water, with 13 lakes, wetlands, the Mississippi River, creeks and waterfalls; many connected by parkways in the Chain of Lakes and the Grand Rounds National Scenic Byway. It was once the world's flour milling capital and a hub for timber. The city and surrounding region is the primary business center between Chicago and Seattle. Minneapolis is home to five Fortune 500 companies, and the Twin Cities are the fifth-largest hub of major corporate headquarters in the United States. Minneapolis has one of the largest LGBT populations in the U.S. Noted for its strong music and performing arts scenes, Minneapolis is home to both the award-winning Guthrie Theater and the historic First Avenue nightclub. Reflecting the region's status as a center of folk, funk, and alternative rock music, the city served as the launching pad for several of the 20th century's most influential musicians, including Bob Dylan and Prince. Minneapolis has also become noted for its underground and independent hip-hop and rap scenes, producing artists such as Lizzo, Brother Ali, Atmosphere, and Dessa.

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Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower, who has stopped making payments to the lender, by forcing the sale of the asset used as the collateral for the loan.[1] Formally, a mortgage lender (mortgagee), or other lienholder, obtains a termination of a mortgage borrower (mortgagor)'s equitable right of redemption, either by court order or by operation of law (after following a specific statutory procedure).[2] Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, it is a cloud on title and the lender cannot be sure that they can successfully repossess the property.[3] Therefore, through the process of foreclosure, the lender seeks to foreclose (in plain English, immediately terminate) the equitable right of redemption and take both legal and equitable title to the property in fee simple.[4] Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue homeowners' association dues or assessments.

Source: https://en.wikipedia.org/