We are renting a home in MN and the redemption period ends 8/4/11. When will we be forced to move and what are the laws on notice?

Asked by Cw, Minnesota Fri Jul 22, 2011

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Michael Emery, , Minneapolis, MN
Fri Jul 22, 2011
There's a pretty good chance that you will be offered 'cash for keys' which will help you find a new place. Just be prepared to move soon after 8/4/11 as there is usually a time limit on the 'cash for keys' offer. If they offer it, they will give you X number of dollars to move within X number of days and less money if you take more time to move. Past the expiration date of the offer you wouldn't receive anything.

And there's a good chance that an agent will be knocking on the door very soon after redemption as they need to determine if the property is occupied and if it's not, they can change the locks to preserve the integrity of the house.
0 votes
Steele V. Pr…, , Minneapolis, MN
Fri Jul 22, 2011
Incorrect, renters can be offered a moving allowance. As a bank owned listing agent I have been authorized to offer it many times. And the renters have always taken it.

In Minnesota, if you have a valid written lease the lender does have to honor it. But not renew. And a month to month lease will not help you. If they make you an offer I would seriously consider it.

Normally the bank will have their real estate agent verify if anyone is in the property. That will normally be done within a week to 10 days after redemption is over. In some cases they may make contact earlier. Most of the time they will give you time to move. Worst case scenario for them is an eviction which would take a good 30 days or so. It costs them less to offer you a moving allowance.

I would be looking for alternative housing but you probably still have a few weeks.

Let them make the first move.

If you need assistance I would be happy to help as I have been involved in dozens of these rental situations. Including negotiating higher moving allowances (sometimes called "cash for keys").

Steele V. Propp
Foreclosure Specialist
Home Avenue Real Estate
steelep@aol.com
0 votes
Gerard Carney, Agent, Spring Hill, FL
Fri Jul 22, 2011
That move out money is offered to the owners, not renters, as a mortgage property it was supposed to be residential to begin with
0 votes
Cameron Piper, Agent, Forest Lake, MN
Fri Jul 22, 2011
Cw,

I think that Ron misread your question. If the foreclosure redemption period ends on 8/4/2011 I would be planning on moving out on or before 8/4/2011. Unless the owner is planning on redeeming the foreclosure, the bank will take ownership of the property on 8/4/2011 and a representative or agent will likely be visiting the property to change the locks and secure the property. Notice was given in the foreclosure advertisement 7.5 months ago.

Cameron Piper
Coldwell Banker Burnet
licensed MN Broker
Web Reference:  http://www.campiper.com
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Jul 22, 2011
If your procedures and steps are the same as ours, (and I believe they are), you are still in the early stages of the Foreclosure.
Next they should be scheduling the Trustee Sale. If nothing happens, the Bank will Foreclose soon after that and you will be contacted by the Banks Realtor, who will offer you "Moving Money" which is to ensure you move in a timely manner and without harming the house in any way. You will get the check, ($1,000 to $3,000) soon after you have moved out.

Good luck and may God bless
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