no sheriff sale yet???

[sofarindebt]

We made our last payment on our house October of 2006. to this date we have not received a sheriff sale........does this seem odd? here we thought we would be out of here by spring, and still no notice (in MN we have 6 months to live here after the sheriff sale.........)

[wingnut]

Process?

Hey,

First of all, I think that the 6 months you are referring to, after sale, is the time that you can try to buy the house back or something. After the sheriff's sale occurs, you're basically a squatter. At that point, either you can leave on your own or possibly end up with an unlawful detainer on your records, which can make renting VERY difficult.

Since MN is a non-judicial state, I think that once the mortgagor decides to foreclose you have X (=90?) days until the sheriff's sale. Then another month if you want to be formally evicted (bad idea in my opinion)

It would seem that although you are very P.D., the company hasn't started the process yet.

More info?

WINGNUT

[sofarindebt]

I don't know where you get your information

but during the redemption period, you get to live in the home.........that law applies to ALL states.

Thanks for responding though.........

[CandyMoney]

In the current climate of mortgage defaults, some lenders are dragging their feet.

I've seen the process take 2+ years.

[wingnut]

INDIANA doesn't have a redemption period

Hey,

Sorry about that.

IN doesn't have a redemption period, so I forgot about that factor.

However, we're a Judicial FC state, so it drags out in the court system instead.

If you stayed past the 6 months, then the whole eviction / etc. would apply.

Here is a site that can be useful:

http://www.realtytrac.com/foreclosure_laws.asp?strState=Indiana

just enter Minnesota where Indiana is in the above link and you'll see where I get some of my info

Ideally, it looks like a 10 month period. Ideally...

WINGNUT

PS: Here it is for MN: http://www.realtytrac.com/foreclosur...tate=Minnesota

[gophermn]

Going through this right now.
Timeline
Last pymt 8/06
WIll be served SHeriff Sale 12/31/06
Sheriff Sale 1/31/08 (MUST be 4 wks and 1 day notice)
MN has 6 mo redemption which means you can live for free

[inseriousdebt]

Also in MN

We are also just going through this...we just converted our case to a 7 and we are now waiting...stopped paying the mortgage..after not being able to afford it anymore in November..our attorney said we would have almost up to a year in MN to get out. This includes the 6 months and the initial process of everything to take place beforehand. When should we see a sheriff's sale and how did you find out about it? Do they serve you at your door?

Also....Question to those whom have surrendered...was it listed in your bank. paperwork on the intentions page as 'surrendered' or 'debt to be affirmed pursuant'? I contacted our attorney about this because they had checked the later box...but we are giving up the house so wouldn't it be 'surrendered'? They said it wouldn't make a difference...any ideas? Thanks.

[gophermn]

We are also just going through this...we just converted our case to a 7 and we are now waiting...stopped paying the mortgage..after not being able to afford it anymore in November..our attorney said we would have almost up to a year in MN to get out. This includes the 6 months and the initial process of everything to take place beforehand. When should we see a sheriff's sale and how did you find out about it? Do they serve you at your door?

Also....Question to those whom have surrendered...was it listed in your bank. paperwork on the intentions page as 'surrendered' or 'debt to be affirmed pursuant'? I contacted our attorney about this because they had checked the later box...but we are giving up the house so wouldn't it be 'surrendered'? They said it wouldn't make a difference...any ideas? Thanks.

inseriousdebt - I live in MN and here is the timeline if that helps:
August 2007 - Quit paying Mortgage
Notice of Sheriff Sale - Late December (not served yet)
Sheriff Sale - 1/31/08
Redemption - 6mos after Sheriff Sale
In a nutshell inseriousdebt, You will get a letter ususally a month or so before a Sheriff Sale is even planned. But if it helps you do get served (most likely a plain clothes). Legally you are served 4weeks and 1 day before the Sheriff Sale which usually happens at the SHeriffs Office. Now this doesn't mean you have to leave. MN has a 6mos redemption period so you basically have 6mos after the Sheriff Sale before the courts will force you out. Even though the Sheriff Sale took place, you can still purchase the house but it will need to be the full amount.

You can drag out the Sale if you work out some payment plan or loan modification. The lenders DO NOT want this property so they might work with you. If you dont want it, well you got a place to stay for a bit until you find something better.

Hope this helps.

[Itried]

Quick Question

How do you get your aution sale date if you have not received the anything from the NOD with the county.

[inseriousdebt]

THank you!

YEs, that helped a lot! That is kind of what I got from what our attorney was saying too. I am curious though..the listed us as no asset.....shouldn't our paperwork say 'asset' since we are giving up our house? I am so confused!! They said it didn't matter when I called our attorney's office.

[FreshLikeADaisy]

YEs, that helped a lot! That is kind of what I got from what our attorney was saying too. I am curious though..the listed us as no asset.....shouldn't our paperwork say 'asset' since we are giving up our house? I am so confused!! They said it didn't matter when I called our attorney's office.

No, the house (and whatever equity you may have in it) is about to belong to the bank. "Asset" or "No Asset" does not refer to how much stuff you have, but how much stuff can be seized or sold after exemptions/court costs and made available to pay creditors. You may have a house and a boat and a ton of stuff, but if it's all secured and going back to the creditors, with nothing left over that's actually yours to sell, it's still a no asset case.

[inseriousdebt]

THank you!

Gosh...thank you for clearing that up...it's been so hard to get a hold of our attorney these days...they are so busy. I am ready for a fresh start with a new baby girl... Our 341 is on Jan. 10th. I will let you know how it goes....ROUND 2!!

Thanks everyone.

[inseriousdebt]

Question for MN people...

Are any of you in a Ch. 7, and if so, I just wanted to see if you were able to keep your tax refunds. Our attorney had stated to us that we would be able to because it is unique only to 13's in our state.....I thought that was great....but kind of weird...anyone have anything opposite said to them?

[tay666]

No, the house (and whatever equity you may have in it) is about to belong to the bank.

Actually, not quite true.
If there is equity in the house, and it sells for more than what is owed on it, then the debtor should get any excess up to their homestead exemption. Anything above that would be distributed to the other creditors.
So, depending on the amount of equity in the house, the case could turn into an asset case.
But from the sounds of things, there probably isn't enough equity to worry about that.