Insurance after Sheriff Sale

[gophermn]

Who owns the property after a Sheriff Sale in Minnesota? Is it me or the winner of the Sheriff Sale bid?

I ask because I just paid for 1yr of Mortgage Insurance for 2008 and the Sheriff Sale is 1/31/08. Do I call the Insurance to ask for the money back because the property was sold?

We do have a 6mo redemption period.

[poorme]

The answer may depend on what your intentions are and your current situation. Are you still living in the home? If yes, then maintain the insurance until possession is handed over. Then get a refund. Do you intend to redeem? If yes, then maintain. If you're not in the home and don't intend to redeem, then cancel policy as soon as you receive the official notices that 'they' own the home.

[gophermn]

Thank you - the home has been vacant the last 3 months but is still insured. Sheriff sale will be in 2 weeks so I will cancel the homeowners insurance.
I just am not sure who is responsible for the rental after the Sheriff sale - me or the winner of the bid? Will call the INS agent MOnday.

[poorme]

Pay attention to this part - "cancel policy as soon as you receive the official notices that 'they' own the home." Don't cancel policy until you are sure someone else is the owner.

[gophermn]

Thank you!