Notice of Redemption Rights

What Happens After the Foreclosure/Sheriff Sale. . . . 

After the Sheriff's sale, you have the right to "redeem". Redeem means that you pay the amount bid for your house at the Sheriff's sale, plus interest and costs, to keep your house (Note: this must be done in Cash. The Sheriff does not accept a mortgage for this.).  You can keep living in your home for a period of time after the foreclosure sale. This is called a "redemption period," The redemption period is typically 6 months after the Sheriff's sale  (but could be 5 weeks or 12 months). At the end of the redemption period, if you do not redeem or sell, you will have to leave your home. If you do not leave, the person or company that bid on your home at the Sheriff's sale has the right to file an eviction against you in court.

Be Careful of Foreclosure Scams. . . .

Be Careful! After the foreclosure sale people may approach you to buyer your house or ask you to transfer your house to them for little or no money. Before you give up the rights to your house or sign any documents (including a deed), be sure you know how much the house sold for at the sheriff's sale and decide if you can save the house by paying the amount of the bid, plus interests and costs.

How to Find Out How Much Your House Sold for at the Foreclosure Sale . . . . 

The amount you need to pay to redeem your house may be less than the amount you owed on the mortgage before the sale. You can learn what this amount is (and who the winning bidder at the sale was) by attending the Sheriff's Sale or by Contacting the Sheriff's office after the sale.

You Can Also Sell Your House . . . .

During the redemption period, if you sell your home, you must sell it for enough to pay off the winning bidder from the Sheriff's sale and pay interest, fees and other claims against the property. If there is any money left from the sale of the house after all these debts are paid, you can keep the money.

Additional Information and Advice . . . .

You have the right to seek out additional advice about your options with an attorney or a mortgage foreclosure counselor.

You may also contact:

• The Minnesota Home Ownership Center at 651.659.9336.
• US Dept. of Housing & Urban Development at 1.800.569.4287