MN Foreclosure Process
The following is a brief explanation of the most common Foreclosure Process in the State of Minnesota and can vary. This information is NOT presented as legal advice. To receive information on FREE initial legal consultation, Contact Us Today.
- Missed Payment Notice. After a number of missed payments - which can and will vary from lender to lender - the lender will call, write, or both in an attempt to reach the homeowner.
- Default/Intent-to-Foreclose Notice. The homeowner is sent a Default Notice/Intent-to-Foreclose Notice. During this period of time, phone calls and other collection efforts may continue.
- Pre-Foreclosure Notice. The account is forwarded to a foreclosing attorney. Legal fees will now begin to accrue. The homeowner will be sent a Pre-foreclosure Notice.
- Sheriff's Sale is Scheduled. The foreclosing attorney schedules the Sheriff's Sale. Notification of the Sheriff's Sale will be published for 6 consecutive weeks in advance. Important Note: MN State Law allows homeowners to postpone the Sheriff's Sale in return for a shortened Redemption Period. The homeowner must file for the postponement between the date the Sheriff's Sale is published and 15 days prior to the Sale. To receive more information on this option - or other matters related to the Foreclosure Process and Foreclosure avoidance, Contact Us Today.
- Notification of Sheriff's Sale to Homeowner. Even though the date of the Sheriff's Sale has been scheduled and published, the homeowner is likely to receive notice at 4 weeks prior to the Sale.
- Deadline to bring Mortgage Current. The homeowner has up to the time of the Sheriff's Sale to bring the mortgage current. Once the Sheriff's Sale has taken place, this will not be an option. For information on post-Sheriff's Sale options, Contact Us Today.
- The Redemption Period. Following the Sheriff's Sale, the homeowner retains the right to stay in the home. The Redemption Period is typically six months, but may be shortened to 5 weeks if the property is abandoned or the Sheriff's Sale was delayed by the homeowner. During the Redemption Period, the homeowner has the opportunity to redeem the property. To do so, the entire Sheriff's Sale amount plus interest plus fees must be paid. If the property is not redeemed by the end of the Redemption Period, the homeowner must either vacate or face eviction.
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