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Excellence Realty Group

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    Foreclosure Process

    1st Missed payment – Lender calls and sends letter(s) to homeowner.
    2nd Missed payment – Collections department continues calls and letters. 30-day default letter sent to homeowner.
    3rd Missed payment – Collections efforts continue. Transfer to foreclosure department. ‘Notice of intent to foreclosure’ sent to homeowner.
    4th Missed payment – Account forwarded to foreclosing attorney. Legal fees accrued. Attorney sends notice to homeowner.
    5th Missed payment – Foreclosing attorney schedules sheriff’s sale date. Sheriff’s sale date published for 6 consecutive weeks.
    6th Missed payment – Occupant served with notice of sheriff’s sale. (four weeks before sale.)
    7th Missed payment – Sheriff’s sale occurs. (Deadline to bring mortgage current.)

    Minesotta state law requires lenders to notify homeowners of the availability of foreclosure counseling services prior to scheduling sheriff’s sale. Lender also provides homeowner with contact information to counseling agency.

    Option: MN state law allows homeowners to delay foreclosure sale by five months. Must file for postponement between first publication of sale and 15 days prior to sale. Reduces redemption period to five weeks.

    6-month redemption period immediately follows sheriff’s sale. (Shortened to 5 weeks if sale was postponed by homeowner) Homeowner retains rights to occupy house and payoff entire sheriff sale amount, including fees. Must pay amount or vacate house by end of the redemption period or face eviction.

    This represents average timeframes and will vary by lender.


    Information is not presented as legal advice. Please consult with an attorney for legal advice.


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