Legal Question in Real Estate Law in Minnesota

Re: sheriffs sale

What you have after the Sheriff's sale is a six month redemption period. It is now too late to bring the mortgage payments up to date. The only way to redeem is to pay off the entire balance of the mortgage, which now will include the costs including attorney fees associated with the foreclosure and all kinds of late fees.

You can still sell, but only if the sale will generate enough cash to pay off that mortgage balance so you can redeem. Keep in mind that the balance keeps going up the longer you wait.

This response is for general information purposes only and does not create an attorney-client relationship. You should seek the advice of the attorney of your choice concerning the details of your case.

Re: sheriffs sale

If the house is occupied, the general rule is that you have six months from the date of the sheriff's sale to "redeem". That means paying the entire amount bid at the sheriff's sale. You should investigate whether you can sell the property for enough to cover the amount of the sale, plus interest and costs. If you can, you can keep the difference (this assumes there is not a second mortgage). You can sometimes also negotiate a "cash for keys" deal where you surrender the house and get some smallish amount of money.