Q & A

Q) How do I know this isn't a Scam?

A) Your redemption rights are defined by Minnesota law. You can learn more about your redemption rights by visiting the website of the Minnesota Homeownership Center which is a 501(c)3 non-profit agency that offers homeownersip assistance and foreclosure process counseling. 

Q) Why would my lender use a sheriff's sale price that is less than what I owe on the home?

A)  The lender's main goal is to get the bad loan "off the books" as soon as possible, while minimizing their expenses, risks and losses in foreclosure. In general, they can best accomplish this by selling the property quickly, for a discounted price. The Sheriff's sale price represents the minimum amount the lender will accept for the property.

Q) What if another party/3rd party (not my lender) bought my home at Sheriff Sale?

A) All of your redemption and sale rights are still in place. You do not need to "sell" out to this party if you do not wish. You can still sell your home on the market and collect proceeds from the sale of the home.

Q) Why would my lender let me keep any equity this could create?

A) Your rights are defined by Minnesota law. It's also in the lender's best interest to give foreclosed homeowners an incentive to take care of the property. The Redemption Period allows you a specified amount of time (5 weeks, 6 months, 12 months) to take action before you are evicted from the property.

Q) What should I do Next?

A) Find out what your home is worth in today's market. You can contact us and consult with us directly for a current Market Analysis. This is not the same as your tax assessed value or the amount of your Sheriff's sale. Your home may be worth more than your realize! Contact us today with no obligation to find out what your home could sell for.