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What is the redemption period in the Minnesota foreclosure process?


In Minnesota, you have certain rights during the first year of the foreclosure process that enable you to keep possession of your home.


In Minnesota, you have certain rights during the first year of the foreclosure process that enable you to keepyour home. There are several actions you can take to stop the case from escalating, like Chapter 7 or Chapter 13 bankruptcy, which this blog has discussed recently.

However, even if you are unable to stop the sheriff’s sale of your home, you can still live in and retain ownership of your home during what is called the redemption period.

Depending on how much of your mortgage you had already paid off, this period of time will vary in length. In Minnesota, if you owe less than two-thirds of your mortgage, you have a year to “redeem” your home. If you have paid less than one-third, the redemption period lasts six months.

During this time, if you are able to pay the sheriff the amount of the winning bid on your home in the sale, along with a few other fees, you will redeem your mortgage and retain ownership of your home.

Additionally, you can try to sell your home during the redemption period. If you are able to secure an offer equal to or greater than the amount asked by the sheriff, you cankeep the equity left over from this sale (as you would if you sold your home under normal circumstances).

In order to qualify for the redemption period, you must live in your home – if you vacate the property, the window can be reduced to five weeks by court order. But, even if you have decided not to try to redeem your mortgage, you are still able to live in your home during the extended period.

Consider consulting a Minneapolis foreclosure attorney if your home is in foreclosure. These professionals can advise you on the best strategy for you and your family.

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