Foreclosure in Minneapolis>Question Details

PatrickTroll…, Home Buyer in Minneapolis, MN

My house didn't sell at the Sheriffs Sale, I've heard nothing from anyone and I'm wondering "What now"?

Asked by PatrickTrollen, Minneapolis, MN Wed Nov 14, 2012

I have called the city, the sheriff ("said it went back to the bank"), and the mortgage holder. They don't have any idea what to tell me..

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As an expert on this, Patrick, I am confused and this doesn't make sense. If there was a sheriff sale, and it really took place, your senior lien holder would now have a sheriff's certificate showing that they bought the house back, and they would have a price on there and they would also be able to tell you the redemption date. And that would be 182 days from the sale date.

For them to say "it went back to the bank" does not make any sense. So .....

Call your bank, ask for Loss Mitigation, tell THEM that you want to know the foreclosure status of your property/loan, and they will. That part will be simple. You may be transferred to the "recovery department" or "foreclosure department", or something liket that. But you will get your answer in a heart beat.

Mark
2 votes Thank Flag Link Wed Nov 14, 2012
Dude nice response!!! I like it.
Flag Wed Nov 27, 2013
Patrick,

Usually the bank is the only entity that shows up at Sheriff's sales. The "sale" itself is not so much like an auction with multiple bidders (though sometimes that does happen), it's usually just sort of a "formality" that greases the path for the bank to take possession of your home at some point. Most likely, that's 6 months down the road. In the meantime, you can live there. You may also be able to rent it out, depending on the wording of your mortgage documents. You probably have 6 months to sell it and pay off your mortgage and in some instances, you may be able to sell it for less than you owe, and possibly have your lender agree to accept less than you owe, and consider your mortgage "paid in full".

You really should develop a close relationship with an experienced Realtor and discuss all the details with him/her and simply let them help and guide you. If you would like to discuss how I might be able to help you, call me....but don't wait to start working on this issue...time is important and six months can go by fast....especially if you are looking to sell.
1 vote Thank Flag Link Wed Nov 14, 2012
Give me a call a (763) 227-8614. I am an expert in the field. Much of what is said already is accurate. But it is helpful to understand more details. Chances are most likely that you have 6 months (or 182 days) before you need to be out of the house. However, there are other scenarios that may play out including a possible sale (still) where you would potentially make money - odd but possible. Bank should tell you the foreclosure date. With an address, I could probably tell you that, also, assuming you are in Minneapolis, MN. Brett Hildreth, Coldwell Banker Burnet, MN Licensed Realtor #40152646
1 vote Thank Flag Link Wed Nov 14, 2012
Scott, this can't happen here in Minnesota. We have two options for a bank to foreclose on a house dn what you have described is not allowed here. Just be careful...these actions are different state by state.
1 vote Thank Flag Link Wed Nov 14, 2012
In most cases if there are no bidders, the bank then takes the home back to finish teh foreclosure part of the auction. They then become the owner. SOme banks do take longer than other sto contact you. you should be able to call teh auctioneer that handled the sale or the attroney who handled teh foreclosure, they should be able to tell you.
1 vote Thank Flag Link Wed Nov 14, 2012
The bank is the normal purchaser at the Sheriff Sale. That is because you most likely owed more than your home was worth. That is how they can claim the home as theirs after your redemption period ends, usually that is 6 months. If you still live there, continue to maintain your home or they could claim abandonment and shorten the redemption period. Check your county website for the record of the sale amount. That plus interest will be how much you need to redeem your home. If that number is less than current value, you could possibly sell the home now.
1 vote Thank Flag Link Wed Nov 14, 2012
In saying "it went back to the bank", it sounds as though the mortgage company did in fact purchase the home at the Sheriff sale. As noted below, the bank may postpone it, but if they already scheduled the sale, the only reason I can foresee the sale being postponed would be due to you being in a loan modification or short sale process that was not yet complete, or if you filed a bankruptcy thereby postponing the sale. If you are not currently in the process of a loan mod/short sale and have not recently filed a BK, then my assumption would be that the bank did in fact purchase it at Sheriff sale. The bank will not actually own the property or be in title in the State of MN for 6 months if it is a residential home that you currently occupy and is not agricultural. If the home is abandoned, the redemption period can be reduced to 5 weeks by the bank. At the expiration of the redemption, (i.e. end of 6 months from the Sheriff sale date) the bank will then own the home and be in title. You have the redemption period to redeem the home, i.e. pay the bank what you owe them which might include the option of selling the home if you can successfully sell AND close on the home receiving enough money to pay the bank what you owe them before the end of your redemption period. The best point of contact to confirm the status of the sale, as also mentioned below, will be the foreclosing attorney who handled the foreclosure sale for the bank. If you don't have documentation with such contact information, the county should be able to provide you with the attorney who handled the foreclosure if you cannot locate a record of your sale via the link offered in prior posts, assuming the property is in fact located in Hennepin county. You would need to contact the county where the property is located. Good luck! Let me know if I can be of further assistance to you.
0 votes Thank Flag Link Mon Nov 19, 2012
thank you my name is pamela jordan from wisconsin 414-265-5594
Flag Fri Oct 4, 2013
Chris gave you a great link below, check on that if you are in Hennepin county. When you see your property come up it will also give you the foreclosing attorney's information, they may be a little easier to get a hold of and can certainly fill you in on what is going on (keep in mind they represent the bank).
0 votes Thank Flag Link Thu Nov 15, 2012
That is a good point Lenny. I have had to call the attorneys myself before, and they usually are pretty good about communicating the status of the file.
Flag Fri Nov 16, 2012
Patrick: What that means is the bank bought it for itself for the mortgage amount or less at the sale. It may be to your benefit to find out exactly what the bank bid on it as it may be less then what you owed and that can effect your redemption of it. If you want to discuss how this effects you personally and might benefit you please call. You have already been supplied with the link to the sherriffs dept for review and that is the first step. Tom
0 votes Thank Flag Link Thu Nov 15, 2012
I have pasted the link to the Hennepin County's website for your use Patrick. I am surprised none of the agents below me have not already done this for you.

It is quite possible Patrick that your lender postponed the sheriff sale. I see it happen all the time, and you SHOULD be receiving written notice in the mail on this.

However, if the sheriff (or whoever called you) said it went back to the bank than it most certainly did sell. You will be receiving a letter in the mail that outlines:

- What the bid sale amount was
- Who purchased it
- What attorney is handling this for the lender.

But with all this said I have found the easiest path to just go to the website and do the search yourself. It is updated pretty regularly, but I have had to wait 3 days sometimes.

You can certainly contact your lender. It is a pain in the neck speaking with those people, but if you persevere they will tell you if the foreclosure was postponed or not.

It sounds like you have certainly made the rounds on calling people already Patrick with no luck. All I can say is you should have proper documentation of what is happening, and your bank should absolutely be able to tell you what is happening. The court house never lies, because it will show up on the records for the house.

Good Luck!

~Chris
0 votes Thank Flag Link Thu Nov 15, 2012
I would think you could find out through the county tax records who is now listed as the owner. I agree with the other answers - especially your need for a realtor to represent you. It may be that you could still sell the property. Your realtor could help you get information, help you work with the bank, and find a way for you to work out your goals and needs. Liz, 612-986-4105
0 votes Thank Flag Link Wed Nov 14, 2012
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