Postponing a foreclosure sale (Sheriff’s Sale) gives you additional time to bring your mortgage current.
The trade-off is that it also reduces your redemption period to just five weeks (instead of the standard 6 months).
Note: Before deciding to delay or postpone a Foreclosure Sale, homeowners should consult with a non-profit Homeownership Advisor that specializes in foreclosure prevention to understand the pros and cons of a postponement. To find your local Homeownership Advisor, click here.
The Minnesota Legal Services Coalition, Southern Minnesota Regional Legal Services and the Minnesota Homeownership Center have partnered on the creation of a free 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.
Our FAQ covers the basic steps that need to be taken (or follow instructions in the free online tool):
The 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.
The information we’ve outlined in the FAQ above is also available in video format here: