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.
Payment is late.
Late fee is charged.
Loan in DEFAULT. Collection calls begin.
Late Charges Accrue
Lender gives deadline to bring ALL payments current.
If you have a conventional mortgage, the loan is sent to attorneys for foreclosure to begin.
Mortgage Payments 1-4 are due.
If you have an FHA mortgage, the loan is sent to attorneys for foreclosure to begin.
You receive a 30-day notice of the intent to foreclose (aka pre-foreclosure notice).
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.
You receive the 6-week notice (aka foreclosure notice).
FInal day to bring mortgage current. To bring current, you must pay the entire ammount that you are behind.
Sheriff’s sale (aka foreclosure sale) occurs at the courthouse in the county where the property is located.
If the loan is not paid in full, the owner must surrender the property.
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.