Recieved my foreclosure letter today

[franken55406]

from Wells Fargo Home Mortgage..

I live in Minnesota. Any fellow Minnesotans who have been through this have any idea how long I can live rent free?

[Tbornetun]

You have six months from the Sheriff's Sale date before you have to be out.

[franken55406]

Thanks..

Any idea the time frame for a sheriff sale? I live in a condo.

[hopeforus]

it really depends on the state and how fast things are moving. we just entered our 6mos redemption period.

[Tbornetun]

The sheriff's sale should be listed on the notice you received. If there isn't a date listed, contact the county recorder's office and ask them when the sale is scheduled for.

Maybe you only received the letter stating that they intend to foreclose. They may not have scheduled tha sale date yet. Once scheduled it has to be published for no less than 6 weeks prior to the sale date in the local paper. Right now, you have a minimum of 7.5 months before you need to move.

[franken55406]

The letter listed a Attorney who will initiate the foreclosure..

[DeadManCrawling]

You can extend the period by 4-6 months by answering the complaint in court. Tons of resources online to explain what to do and how to file it.

[franken55406]

Do you have a link?

[franken55406]

I received a notice of postponement of mortgage foreclosure sale that was suppose to happen next week to mid January 2010.

Since MN has a six months redemption period, my eviction has been postponed from April to July. Has any MN resident had their redemption period reduced from six months?

Nothing beats another additional three months of rent.

[Tbornetun]

There have been Minnesotans who have had the redemption reduced to 5 weeks. BUT I have only seen this happen if the bank knows that the property is empty or the homeowner has contacted the bank letting them know they are moving earlier than the 6 months.

Edit: Even in that case, the mortgage company has to file a complaint with the court to have the redemption period reduced. I am only posting this information for those who move early and want to get the house out of their name so they are no longer responsible for utilities, etc.

[franken55406]

Planning on staying to the end. Going to visit with the folks who reside out of state from ThanksGiving through early January before the auction date.

So, I should be fine with the six months redemption.

There have been Minnesotans who have had the redemption reduced to 5 weeks. BUT I have only seen this happen if the bank knows that the property is empty or the homeowner has contacted the bank letting them know they are moving earlier than the 6 months.

Edit: Even in that case, the mortgage company has to file a complaint with the court to have the redemption period reduced. I am only posting this information for those who move early and want to get the house out of their name so they are no longer responsible for utilities, etc.