Minnesota Sheriffs Sale On Real Property

In Minnesota lenders have two ways to foreclose on a property. The first and most common option is foreclosure by advertisement. The second the less common method is foreclosure by action. In both cases you will get notice of the sheriffs sale date, it will include a date that the sheriffs sale will take place. In Minnesota you are given a six month redemption period after the sheriffs sale to stay in your home. After the six month redemption if you have not left the home, you would be removed by the sheriff. Minnesota is a non recourse state, meaning the creditor cannot pursue you for a deficiency balance on the mortgage, if they use foreclosure by advertisement. It is becoming common for lenders who have HELOC’s or second mortgages to pursue people for a deficiency balance after the foreclosure of a home. This should be the primary worry for Minnesotans’s who face foreclosure.