A sheriff’s sale is a sale conducted by a sheriff upon order of a court after a failure to pay a judgment. Local laws, which vary by jurisdiction, require notice of the sale be provided to the public. Often, property that is involved in a mortgage foreclosure is subject to being sold at a sheriff’s sale. The money that is raised at the sheriff’s sale is applied to the unpaid judgment. In Minnesota, the sheriff’s sale is a “conditional” sale meaning the condition is the 6 month redemption period.
After the sheriff’s sale:
- You still own the property for the next 6 months
- You can still live in the property for the next 6 months
- You can no longer bring the loan current. You must go out and get a new loan or pay cash for the remainder of the mortgage (think lottery or rich relative).
- Many lenders will still do a short sale after the sheriff’s sale
In many cases, we can get the sheriff’s sale postponed if we get an offer into the lender before that date. Each lender is different so consult with your realtor.
Discover how other sellers successfully did a short sale and request a free consultation by Clicking here.
Our Minneapolis loan modification kit has the instructions you will need to get a loan modification approved. Info is available here.
Thanks for reading this, Joe Stradcutter.
Joe is a real estate agent at High Point Realty.
Phone: (612) 516-3456
Email: info@shortsalemnpro.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it
Joe Stradcutter specializes in loan modification assistance and short sales in Minneapolis, St. Paul and Twin Cities Minnesota. Minneapolis Loan Modification Help, Minneapolis Short Sales, Twin Cities Loan Modification Help, Twin Cities Short Sales, Minnesota short sales.
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