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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5965 Wedgewood Ln N Unit 51, Plymouth, MN 55446
Wedgewood Ln Unit 51, Plymouth, Plymouth, Minnesota 55446
11724 Bittersweet Street Northwest, Coon Rapids, MN 55433
Bittersweet Street, Coon Rapids, Minnesota 55433
2881 Irving Avenue South #101, Minneapolis, MN 55408
Irving Avenue #101, Minneapolis, Minnesota 55408
3712 Buchanan Street Ne, Columbia Heights, MN 55421
Buchanan Street, Columbia Heights, Minnesota 55421
7827 Cooper Avenue, Inver Grove Heights, MN 55076
Cooper Avenue, Inver Grove Heights, Minnesota 55076
515 78th Avenue Northeast, Spring Lake Park, MN 55432
78th Avenue, Spring Lake Park, Minnesota 55432
1337 Council Oaks Drive Northeast, Spring Lake Park, MN 55432
Council Oaks Drive, Spring Lake Park, Minnesota 55432
5931 Vincent Avenue North, Brooklyn Center, MN 55430
Vincent Avenue, Brooklyn Center, Minnesota 55430
10408 Arrowhead Street Northwest, Coon Rapids, MN 55433
Arrowhead Street, Coon Rapids, Minnesota 55433
813 83rd Avenue Northeast, Spring Lake Park, MN 55432
83rd Avenue, Spring Lake Park, Minnesota 55432
Resources
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