How Long Does a MN Foreclosure Take?

How Long Does a MN Foreclosure Take?

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One of the more common questions we receive is, “How long does it take for the bank to foreclose?”.  Like many questions, the answer is, “it depends”.  There are a number of factors involved in foreclosure in Minnesota such as the loan program, reason for missing payments, whether or not the borrower attempts to work with their lender, politics, internal policy, etc.
Historically, a foreclosure in Minnesota would take about 6-7 months.  This has drastically changed in the last few years.  Currently it is not uncommon to see people go 3+ years without making a mortgage payment before a sheriff’s sale takes place.

 

The MN foreclosure flow chart above is the correct and current process, however the time line isn’t what is being practiced.  A mortgage company certainly *can* foreclose this quickly if they choose, so don’t take this as advice that your mortgage company will take longer!

Special timelines to make note of are the 6 week publication requirement where a foreclosure notice is published in a local newspaper, and a 6 month redemption period (which can be shortened to 5 weeks).  The redemption period in Minnesota can be shortened to 5 weeks if the property is determined to be abandoned, OR if the homeowner has recorded a postponement of foreclosure.

A mortgage company often begins monitoring your property after only a few payments are missed.  They may send someone out to see if the lawn is being mowed, the driveway cleared of snow, and check if you are living in the property.  If it looks like nobody is living in the property, they may even change the locks.

If you are facing foreclosure in Minnesota, and you wish to avoid foreclosure by doing a short sale on your home, it is important to being the short sale process as soon as possible!  Many times we are unable to help homeowners facing foreclosure because they wait until they have been served a foreclosure notice, or a bank representative shows up at their door.

Contact us right away for free legal advice on your foreclosure or short sale in MN!

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Jesse Schneider
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As a full-time MN Realtor® since 2003, I have built my business on making customer satisfaction my #1 goal. I take great pride in timely communication, my education and knowledge of the changing real estate industry, and the incorporation of technology in the... Read More

has written 98 articles

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