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How does the foreclosure process work in Minnesota?


If you’ve been struggling to pay bills and have fallen behind on your mortgage, you may be worried about what the future holds for your family.


If you've been struggling to pay bills and have fallen behind on your mortgage, you may be worried about what the future holds for your family. Without knowledge of the strategies you can implement to avert crisis, your prospects can seem even more intimidating.

However, in Minnesota, the foreclosure process can be easily broken down into its component parts. Even if you're having a tough time, familiarizing yourself with these steps can at the very least ease your stress, and from there, you can decide which direction will be best for your family.

Depending on the terms of your mortgage, if you miss payments for a designated period of time (a general guideline is 90 days), you will enter into default status on your loan. At that point, your lender will send you a notice stating the amount you owe in order to “reinstate” the mortgage, as in get out of default. You typically will have a month or two to pay this amount. If you cannot, the lender may move forward with foreclosure.

Once you've been notified of this process, an attorney will schedule a sheriff's sale of your home at least six weeks from the notice date. During this time, they are legally required to put a public notice of the sale in a newspaper. They must also inform you of the sheriff's sale at least four weeks before it is scheduled to occur.

If you are able to repay the amount you owe during this time, your home will not be auctioned. Unfortunately for many families, this simply isn't feasible.

But that doesn't mean you will lose your home if you've fallen behind. A Minneapolis foreclosure attorney can guide you through options that can keep you in your home and help you pay down your debts over time. Tomorrow, we'll discuss some of these strategies.

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