Minnesota Foreclosed Home Listings In The Two-bedroom House Market

By Izok Cohen

In Minnesota foreclosures relating to repossession of a residential property, happens when an arrears notice arrives through the post. An arrears letter should be taken very seriously as it will mean that you are likely to lose your home. The notice could arrive after one default or more but either way it could result in the forfeiture of your home.

The lending company will send you a notice of default payments and inform you that foreclosure proceedings will be taken against you in order to repossess the property. The notice will state clearly how much time you have before the bank repossess your home.

By this time you will have a choice of three things. The first is to let the foreclosure go ahead and lose your home that way. The second is to try and negotiate a settlement of some kind by either borrowing money to clear any arrears or extend the life of the mortgage. The third is to try and sell of the house yourself and pay back the arrears and the owed mortgage.

The repossessed home can be sold of in two ways: Sale via a bank. The bank officials will ask a local real estate broker to put the property on the market for a quick sale. They will reduce the prices substantially so they can get a quick sale and liquidize their investment.

Selling through auction houses: This is a sale that has been planned in advance, and you may get a notification period with the first default notice. Once again the idea is to sell as quickly as possible and realize the money tied up in the property. Auctions can be held every week, or monthly or quarterly and there is high demand for this sort of sale. Auction companies will advertise well ahead to get bidders to the auction.

If your residence has been seized because you failed your federal taxes, then you are entitled to redemption period. This period is extended to well after the owner has lost possession of his home. He or she can get the home back if they buy by paying back the money spent on buying the property. This is not inclusive of any monies owed to the taxman. So to be clear, the previous owner will have to buy out the new owner by paying them the amount of money they paid to purchase the property in the first place.

For this type of repossession certain criteria have to be satisfied. Once the property is sold, the certificate of sale is only transferred when the redemption period is satisfied, in case the old owner can buy back. The redemption period could be from anything form six months to one year.

You do have to meet certain criteria. After the property forfeiture, deeds of sale will only transfer ownership after the redemption clause is concluded. Some sales have limitations for six months, and some a year. Within this time, the previous owner can buyback the property by paying the following: the bid money, the interest and any costs. During the reclaiming procedure the new owners do not have any legal rights to stop repossession. - 31862

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