Foreclosure Process Minnesota
Understanding the foreclosure process Minnesota is an essential part of knowing what your options are in an economy like the one we’re facing right now. There are options during the foreclosure process Minnesota. Taking the mystery out of the process will go a long way in helping you to make decisions that are right for your family given whatever circumstances surround you.
Here’s a month-by-month outline of the foreclosure process Minnesota.
Timeline of Foreclosure Process Minnesota
- Month 0 – first missed payment. Whether you’ve decided to stop making payments or just literally don’t have the cash, the process starts from the first day of the missed payment. This includes letters and phone calls from your lender.
- Month 3 – attorneys come in. This is USUALLY when attorneys are brought into the equation. The first step they take is to call you or write you strongly worded letters warning you of what is to come if you don’t get your payments caught up.
- Month 4 – publication and service. The lender has to do this very carefully in order for it to stand up in court later. They have to publish a foreclosure notice locally every week for six consecutive weeks and they have to serve you with foreclosure paperwork.
- Month 6- the sheriff’s sale takes place. This date marks the last date that a borrower can bring their payments current and avoid foreclosure. After this date, it gets a lot harder for the homeowner to stay. This is down to the minute – if you’re two minutes after the sheriff’s sale time then it’s too late. Even bankruptcy can’t protect a homeowner. But in Minnesota, the sheriff can delay the sale up to five months! You only have until 15 days prior to the sale and it’s a challenging process, so homeowners have to be aware and start early.
- Month 12 – redemption is over. For the six months following the sheriff’s sale, homeowners can stay in their home. It’s too late to bring the payments current by paying off the past due balance, but you can keep your home if you pay the sheriff’s sale costs plus interest and fees.
- Month 13 – eviction. This is the end. After redemption has expired, the lender can file for an eviction. Evictions don’t normally take place because families get out before they’re formally evicted.
Go to this link to learn more: http://www.minnesotafaceofforeclosure.com/faq.htm