FAQ's

The Typical Progression of a Foreclosure in Minnesota:

A Property Owner Receives a Notice of Default NOD. The Sheriff’s Sale takes place no less than 5 weeks after the NOD. After the Sale the property is In-Foreclosure and in the Redemption Period. During this time the owner has 6 months to redeem the loan before the Lender can take possession.

NOD:

A public notice from a lender advertising that they are beginning the Foreclosure Process. Initially, the property owner has 90 days before the Sheriff’s Sale to pay the overdue amount to the Foreclosing Lender, or renegotiate, or refinance, or sell.

Sheriff’s Sale: An Auction of the Foreclosing Lien and/or Property at the Sheriff’s Office.

Redemption Period: In this period, the Property is In-Foreclosure. This is the time allowed from the Sheriff’s Sale to the Redemption Expirations date. When the redemption period expires, the Bank/Buyer repossess the Property and can evict the (previous) owner. Typically, in Minnesota, this is a 6 month period. Sometimes it is as long as 12 months or as short as 5 weeks.

During the Redemption Period, the Owner can still avoid eviction by redeeming the loan by paying the entire balance.