Postponing the foreclosure sale (Sherrif's Sale) gives you five more months to bring your mortgage current. The tradeoff is that it also reduces your redemption period to just five weeks. (Standard MN redemption period for a foreclosure by advertisement is 6 months).
NOTE:
Before deciding to delay or postpone a Foreclosure Sale, homeowners should consult with a non-profit housing counselor that specializes in foreclosure prevention to understand the pros and cons of a postponement. To find your local foreclosure counselor, click here.
The Minnesota Legal Services Coalition, Southern Minnesota Regional Legal Services and the Minnesota Homeownership Center have partnered on the creation of a www.lawhelpmn.org/resource/postpone-a-foreclosure-sheriff-sale-do-it-youfree online tool to assist with the postponement process. The tool will ask you a series of simple questions and then automatically fill out the legal forms you need along with a set of simple instructions on how to file the form properly. POSTPONEMENT VIDEO The Information we've outlined in the FAQ above is also available in video format here:
We've created a fact sheet and sample affidavit to help homeowners that might be interested in postponing their Foreclosure Sale. The FAQ covers the basic steps that need to be taken:
This information on the FAQ is provided as a service of the Minnesota Homeownership Center and is not legal advice. Consult a competent legal professional for advice specific to your situation.
