What you Need to Know

 If you have experienced a non-judicial foreclosure (State of MN), also known as a "Foreclosure by advertisement," it means that your lender has sold your home during a Sheriff's Sale without suing you directly. This is cost-effective and expedient for the lender, and it also grants you specific rights.

Often, then lender sells the home to themselves at a discounted price, establishing a minimum amount that they will accept for the property. The price established by the lender at the Sheriff's Sale may be considerably less than the market value of your home. This is extremely important to understand, as it may benefit you!

According to Minnesota law, you have a specified Redemption Period that gives you an opportunity to resolve the foreclosure. The Redemption Period may be several weeks, 6 months or even 12 months; your foreclosure notice will specify the term of the Redemption Period.

You must take action during the redemption period to either save your home, or sell it with the opportunity for profit!

Please note, this information is a general guideline, and does not constitute legal advice.