Its an interesting question, but I would encourage you to hire an attorney to go any further. I'm just guessing here, but I think you will find that the bank still has the write to collect their asset. My understanding is that the lien provides them rights in the order of default and creates a claim against the property should you fail to pay. In the end it establishes the order of payment of any proceeds. I'm also pretty certain that you signed a mortgage that contained a "due on sale" clause that gives them the right to foreclose the property - even without a lien. Teh major question would be how do those two facts interface with MN statute and case law.
An attorney is definitely the way to go. You will likely be able to get your questions answered in a quick phone consultation.
THIS IS NOT LEGAL ADVICE BECAUSE I AM NOT AN ATTORNEY.
Coldwell Banker Burnet
licensed MN Real Estate Broker... more
If the property is listed on target for today's market or slightly below, there is a good chance multiple offers will occur--review data regarding recently closed similar properties in the immediate area--factor in how badly you want the property and go from there. Your agent can best advise you.... more
Your best bet is to contact a local agent who has experience selling land. (you can try taking a look through the Trulia directory of agents). They can take a look at the market for land in your area and give you a current value of what you could expect to sell it for now.
Keller Williams Realty... more