Effective June 15, 2009 Minnesota state law allows homeowners that have fallen behind on their mortgage payments to delay, or postpone, the Foreclosure Sale (also known as the “Sheriff’s Sale” or "Sheriff's Auction") of their home by five months.
Postponing the Foreclosure Sale gives you five more months to bring your mortgage current. The tradeoff - is that it also reduces the redemption period to five weeks. (Standard MN redemption period for a foreclosure by advertisement is 6 months).
The Minnesota Home Ownership Center has created a fact sheet and sample affidavit to assist homeowners that might be interested in postponing their Foreclosure Sale. The FAQ covers the basic steps that need to be taken in order to postpone the sale.
This information on the FAQ is provided as a service of the Minnesota Home Ownership Center and is not legal advice. Consult a competent legal professional for advice specific to your situation.
Before deciding to delay or postpone a Foreclosure Sale, homeowners should consult with a foreclosure specialist to understand the pros and cons of a postponement. To find your local foreclosure specialist, click here.
The Information we've outlined in the FAQ above is also available in video format here: