FAQ's
Learn More About Distressed PropertyThe 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.
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855 Lakewood Trail, Norwood Young America, MN 55397
Lakewood Trail, Norwood Young America, Minnesota 55397
8563 Tessman Farm Road North, Brooklyn Park, MN 55445
Tessman Farm Road, Brooklyn Park, Minnesota 55445
11314 Davenport Circle Northeast Unit F, Blaine, MN 55449
Davenport Circle Unit F, Blaine, Minnesota 55449
5472 Village Creek Parkway North, Brooklyn Park, MN 55443
Village Creek Parkway, Brooklyn Park, Minnesota 55443
210 1st Street NW, Norwood Young America, MN 55397
1st Street, Norwood Young America, Minnesota 55397
10408 Arrowhead Street Northwest, Coon Rapids, MN 55433
Arrowhead Street, Coon Rapids, Minnesota 55433
4141 Madison Street Northeast, Columbia Heights, MN 55421
Madison Street, Columbia Heights, Minnesota 55421
2308 W Lake of Isles Parkway, Minneapolis, MN 55405
Lake of Isles Parkway, Minneapolis, Minnesota 55405
563 Shoreview Lane, Norwood Young America, MN 55397
Shoreview Lane, Norwood Young America, Minnesota 55397
Resources
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