Foreclosure laws in Minnesota

[franken55406]

Anyone who went through a foreclosure in MN?

I stopped paying in Feb of this year on my condo. Could not afford to keep and want out from HOA's.

Time frame when the mortgage company Wells Fargo forcloses? I have a adjusted rate and PMI..

How long can I stay before moving?

Thanks..

[REDump]

Redemption period

The Redemption period in Minnesota is 6 months.

So, once your property has been auctioned off at the court house in foreclosure auction. You then have up to 6 months.

There are exceptions, but as a standard you have 6 months from that date.
In some cases, the bank doesn't start foreclosure proceedings for some time. I know a guy that stayed in his house in Apple Valley Minnesota legally for over a year since he stopped paying. And have heard of others staying for 3 years.


Just curious if you have tried short sale? It's most likely not too late if you only stopped paying in Feb. It's far better on your credit and most other aspects.

Not that I'm suggesting this, but I've often wondered why people in your situation don't go live with a family memeber or cheap in a roomate situation. Then rent out the condo for the rental income. In the mean time try to sell it on short sale as an income producing property. This increases your pool of buyers, and puts money in your pocket. Might even be able to cover the mortgage with the rent and get yourself out of trouble all together.

Anyway, let me know if I can help.
Just hate to see people give up when they didn't have too.

Mr. Kelly Johnson
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[REDump]

Update

Any update?

Like to know how things are going?



Mr. Kelly Johnson
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