Steele in Minnesota
01-12-2007, 02:38 PM
Like most states, Minnesota has been catagorized by various real estate sites as to the foreclosue laws. Some of this information is correct, some is incorrect.
In summary, Minnesota is primarily a non-judical foreclosure state. In fact, have yet to see a judical foreclosure, but in theory they can happen. We have a notice of default and then a notice of trustee sale with six weeks of mortgage foreclosure advertising (once a week) and then typically another 10-14 days until the actual Sheriff Sale.
Redemption period for residential properties is usually six months. This can be shorted to six weeks if the property is found to be abandoned and the lender pursues the legal process of shortening it. Because of this lengthy redemption usually there are no bidders at the auction other than the lender itself with the opening bid.
After the redemption is over the lender will then sell the property as an REO if the owner or some other alternative has not taken place. Owners may continue to attempt to sell the property during redemption and in many cases a short sale can still occur (if the lender allows it).
Steele in Minnesota
In summary, Minnesota is primarily a non-judical foreclosure state. In fact, have yet to see a judical foreclosure, but in theory they can happen. We have a notice of default and then a notice of trustee sale with six weeks of mortgage foreclosure advertising (once a week) and then typically another 10-14 days until the actual Sheriff Sale.
Redemption period for residential properties is usually six months. This can be shorted to six weeks if the property is found to be abandoned and the lender pursues the legal process of shortening it. Because of this lengthy redemption usually there are no bidders at the auction other than the lender itself with the opening bid.
After the redemption is over the lender will then sell the property as an REO if the owner or some other alternative has not taken place. Owners may continue to attempt to sell the property during redemption and in many cases a short sale can still occur (if the lender allows it).
Steele in Minnesota