The Foreclosure Process In Minnesota
Date posted: September 1, 2009
Have you ever wondered what the foreclosure process for the state of MN is? Read on and wonder no more…
1st Missed Payment-Lender calls and sends letter to the homeowner.
2nd Missed Payment-Collections department continues calls and letters (30 day default letter is sent to the homeowner).
3rd Missed Payment-Collections efforts continue; transfer to foreclosure department (‘Notice of Intent to Foreclose’ is sent to the homeowner).
4th Missed Payment- Account is forwarded to foreclosing attorney. Legal fees accrue and attorney sends notice to homeowner.
5th Missed Payment-Foreclosing attorney schedules Sheriff’s Sale date (Sherrif’s Sale date is published for 6 consecutive weeks).
6th Missed Payment-Occupant served with notice of Sherrif’s Sale (4 weeks before the sale).
7th Missed Payment-Sherrif’s Sale occurs (this is the deadline for the homeowner to bring the mortgage current).
Minnesota has a 6 month ‘right of redemption’ period immediately following the Sherrif’s Sale, although this period can be shortened to 5 weeks, if the sale was postponed by the homeowner. During the redemption period, the homeowner retains the right to occupy the house and pay off the entire Sherrif Sale amount, including fees. However, they must pay this amount or vacate the house by the end of the redemption period(or face eviction).
Foreclosure = Opportunity
Clearly, with the large volume of foreclosures in the state of MN…foreclosure homes are rampid in our current housing inventory. This presents a great opportunity for general consumers and investors alike. There are many Buffalo, MN area homes priced at incredible values, some range from needing a little TLC to a massive reconstruction, while others are move-in ready and just great for first time home buyers.
If you’d like to see foreclosure properties in your area, please contact me.
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