Foreclosure Process In Minnesota

Foreclosure Process in Minnesota Minnesota Home Ownership Center Foreclosure by Advertisement Missed payments 6 weeks before sale 4 weeks before sale Sheriff's Sale Default/ intent to foreclose Missed Sale date scheduled payment notice Pre foreclosure Sheriff's notice notice Sale Sheriff's Sale date scheduled by attorney. (Date published for 6 consecutive weeks.) Occupant served with notice of Sheriff's Sale Lender calls and sends Receive default Account forwarded to Deadline to bring foreclosing attorney (legal fees accrue). Receive a letter notice. Phone calls mortgage current and collection efforts continue, Preforeclosure Notice. OPTION: MN state law allows homeowners to postpone Sheriff's Sale in return for shortened redemption period. Must file for postponement between date sale is published and 15 days prior to Sale. Redemption Period Typically 6 months. May be 12 months if agricultural. May be shortened to 5 weeks if property is abandoned or sale was postponed by homeowner. Redemption period Redemption period Month Month Month Month 4 Month 5 Month 6 -OR- Eviction BEGINS ENDS You maintain the right to stay in your home [To redeem the property you must pay off the entire Sheriff's Sale amount + interest and fees] Vacate Face eviction To speak with a foreclosure counselor in your area, contact the Minnesota Home Ownership Center at (866) 462-6466 or www.hocmn.org NOTE: This document represents the most common foreclosure process in MN and may vary. Information is not presented as legal advice. © 2010 Minnesota Home Ownership Center