A reaffirmation is an official way to “reobligate” yourself on the loan. This involves the lender sending us a reaffirmation contract to be signed by you.
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Foreclosure Timeline
Those going through a foreclosure have lots of questions to ask, such as how long does foreclosure take, what is involved in foreclosure, what options do they have and so on. Consulting an attorney is your best bet if you are late on your mortgage payments and are planning to go through a foreclosure in Minnesota.
We’ll take you step by step through the foreclosure process. The more you know the better decisions you can make about bankruptcy in Minnesota or how to handle a foreclosure.
Month 1
Day 1
Payment is late.
Day 15
Late fee is charged.
Month 2
Day 30
Loan in DEFAULT. Collection calls begin.
Day 45
Late Charges Accrue
Month 3
Day 60
Lender gives deadline to bring ALL payments current.
Day 61
If you have a conventional mortgage, the loan is sent to attorneys for foreclosure to begin.
Month 4
Day 90
Mortgage Payments 1-4 are due.
Day 91
If you have an FHA mortgage, the loan is sent to attorneys for foreclosure to begin.
Day 100
You receive a 30-day notice of the intent to foreclose (aka pre-foreclosure notice).
Month 5
Day 130
the pre-foreclosure letter equipres. The foreclosure advertisement runs in the paper for 6 weeks. Your have until the foreclosure sale date to bring all payments current. Attorney fees are added to the back payments.
Day 144
You receive the 6-week notice (aka foreclosure notice).
Month 6
Day 174
FInal day to bring mortgage current. To bring current, you must pay the entire amount that you are behind.
Day 175
Sheriff’s sale (aka foreclosure sale) occurs at the courthouse in the county where the property is located.
Beyond
Day 355
If the loan is not paid in full, the owner must surrender the property.
Additional Notes
The redemption period is usually 6 months long, however there may be exceptions. Minnesota gives you this period to attempt to redeem the loan by either refinancing or trying to sell the house.
For more questions related to foreclosure in Minnesota, call our lawyers at Atlas Law Firm for a Free Initial Consultation at . Our bankruptcy attorneys will be happy to help you out. We have offices located in Anoka, MN, Bloomington, MN, Minneapolis, MN, St. Louis Park, MN, Edina, MN and Minnetonka, MN.
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