Help to Regain a House From Foreclosure in Minnesota
The foreclosure process in Minnesota happens fast, usually in as little as four months according to Realty Trac. If you lose your home to foreclosure, all hope is not lost. Minnesota foreclosure laws allow homeowners to exercise their right to redeem the house after a sheriff's sale. The standard time period is six months from the sale date. Follow the Minnesota redemption process to reclaim ownership of your home.
Other People Are Reading
Instructions
-
-
1
Know the Minnesota redemption law. You have six months to reclaim the property, provided the home is not abandoned. This means you must continue to live in the home during the redemption period. If the judge determines the property is abandoned, the redemption period can be reduced to just five weeks.
-
2
Obtain the funds to cover the entire loan. To redeem your home, you need to pay the entire balance of the loan plus interest and fees. After the sheriff's sale date, interest will accrue daily. While it may be difficult to acquire the money, it is not impossible. Consider a personal loan or line of credit with a co-signer.
-
-
3
Request a certificate of redemption and affidavit of balance due by submitting a written request to redeem your home to the sheriff's department. It is typical to submit the request seven to 10 days before you plan to redeem the property. Pay the entire balance due, plus all fees on the date of redemption.
-
4
Record the redemption at your local courthouse. Bring proof of ownership, such as the mortgage deed. The certificate of redemption must be recorded within four days after the redemption period ends.
-
1
