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Understanding How Foreclosure Works
1.MISSED PAYMENTS
Homeowner misses 1 - 3 mortgage payments. Incurs late fees.
2. NOTICE OF DEFAULT
The lender will send a notice of default to the borrower, providing a timeframe (usually 30 days) to bring the account to current.
3. NOTICE OF PENDENCY
The lender files a notice of pendency with the county recorder's office, indicating the pending foreclosure.
4. NOTICE OF SALE PUBLICATION - PRE FORECLOSURE
The lender must publish a notice of the foreclosure sale in a newspaper for six consecutive weeks. This is called the Pre Foreclosure stage. This is where you may start to receive solicitation about foreclosures. This is the stage where the public is notified of the pre foreclosure.
5. NOTICE OF SALE SERVICE
The lender must serve a notice of the foreclosure sale to the occupant of the property at least four weeks before the sale.
*SPECIAL NOTE
A payment plan, restructure of the loan, or catching up payments can restart the process. It is in your best interest to figure out a solution prior to the next stage.
6. SHERIFFS SALE
Property is sold at a public auction conducted by the county sheriff. At this stage the foreclosure process is underway. Once the sheriffs sale is complete you will have foreclosure on your record. This can stay on your record for at least 7 years. After the sheriffs sale - no payment plan or loan restructuring is possible.
7. REDEMPTION PERIOD
After the sale - the homeowner typically has 6 months during which they can pay the amount bid at the sale, plus interest and costs, to reclaim the property.
Most people don't know this but you can sell your property on or off the market during this phase.
8. END OF REDEMPTION PERIOD
If the homeowner does not redeem the property within the specified period, they generally must vacate the premises. The buyer from the sheriff's sale then becomes the legal owner.
9. EVICTION
If the former homeowner does not leave after the redemption period ends, the new owner may initiate eviction proceedings.
Facing foreclosure can be a confusing and stressful experience, and at We Buy Houses Southern MN, we believe the first step is understanding your process, your unique situation, and your specific wants and needs. We operate with complete transparency, ensuring you understand each of the steps involved in foreclosure, exactly where you are in that process, and all of the options available to you. We're committed to providing clear and honest guidance so you can make informed decisions for your future.
The consultation is FREE. The advice is FREE. We have a variety of solutions that might work for you.