after a sheriff sale there is a redemptoin period can i still get my home back

Asked by Tbjr82, Ramsey, MN Thu Feb 23, 2012

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Alan Grizzle’s answer
Alan Grizzle, Agent, Dahlonega, GA
Sun Feb 24, 2013
If you are in Georgia you have one year. You have to pay whoever bouth it back what they paid for it at the sheriffs sale plus 20%. Afther a year the new owner can foreclose on your right of redemption.
0 votes
Christopher…, Agent, Bloomington, MN
Fri Feb 24, 2012
I agree 6months is the typical 12 months sometimes (almost exclusively for agriculture), and in some cases 5 weeks if the home has been abandoned.

If the sale has happened the attorney handling the file for the bank should have sent you a letter disclosing what was bid at the sale.

From there you need to speak with a realtor on getting a market evaluation on your home. Whatever you think it is worth best to have someone double check for you. I would advise having someone that understands foreclosure very well do this for you.

Last step is I then go over every option from possibly finding a way to stay in your home, to short sales, and lastly repercussions of walking away. I go over everything so you can make the best decision for yourself.

If it is pre-sheriff sale and you are just behind payments then I would advise getting in contact ASAP because this is the time if you have the highest probability of being able to stay in your home.

At the very least go on the internet and check out Minnesota's Home Ownership Center. It is in my mind one of the best resources for you and will help locate the closest counselor for Ramsey. This service is Free so I think everyone should take advantage for it.

These types of questions get asked on a regular basis on Trulia and yet I find the hardest part is simply TAKING ACTION. You do have resources. You do have people that can help you. And NO it does not cost you anything to work with someone like me.

If you would like contact me directly through my profile icon and tell me a little more about your situation.

I would love to hear about it.
1 vote
Sheriff sale is for Tuesday March 7 wanna stay in my home though
Flag Fri Mar 3, 2017
what about in Cleveland ohio can you help
Flag Thu Jan 14, 2016
Sharon Getne…, Home Buyer, Detroit, MI
Sun Feb 24, 2013
I was involved in a loan modification scan with a company and
my house was sold in a sheriff sale without me knowing.
I have been in my house since 1972 and a senior citizen.
My house was sold to a real estate man in my area. I want to
redeem the house back, how would I get a the money to buy back
my house. Is there a hotline for situations that I am in?
0 votes
Christopher…, Agent, Bloomington, MN
Fri Mar 16, 2012
Once in the redemption period there is no other way for a homeowner to stay in their home unless they "redeem" on the property and pay the full balance of what was bid at the sale. This is not always what a person's mortgage balance was, so make sure to check the disclosure mailed to your home that states the balance bid.

So whether you can do a reverse mortgage, pay cash, win the lottery, or however else you want to pay the balance off that is it.

The only exception is the government like Fannie or Freddie that I have come across. The rules are changing constantly, and I have had clients who went back to a attorney and found out their file was mishandled, and indeed they did qualify for a loan mod. It never hurts to consult an attorney and in fact I always advise it. This is extremely rare and a lengthy process but I have seen it happen.

I noticed BoA is starting to publicly announce principal reductions for select homeowners. I hope anyone who reads this will understand that if you want to stay in your home pre-sheriff sale is the greatest opportunity. If you wait until the sale happens to contact a Realtor, counselor, attorney, etc... your options are greatly limited.
0 votes
Susan Hoffla…, Agent, Shoreview, MN
Thu Mar 15, 2012
Hi, Tbjr82!
Yes, technically, you can still get your home back. The redemption period is built in strictly for that purpose.

But, you will need to pay off everything that's currently owed on the property in terms of payments and penalties. That's the hard part. :(

I would consult with an attorney to find out the process and see if the lender/owner would be willing to negotiate with you to work out a deal for you to stay in the home.

Good luck!
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0 votes
Michael Emery, , Minneapolis, MN
Thu Feb 23, 2012
Yes. Minnesota law allows for a six month redemption period (in some rare cases redemption is 12 months). If you have received a postponement of the sheriffs auction, that redemption period can shrink to five weeks.

If you want to redeem your home after foreclosure, you will need to pay what you owed your lender plus any court costs and fees. Of course if your home is worth less than that amount, you wouldn't be able to get a loan and would need to pay cash.
0 votes
Lyle Wolf, Agent, Morristown, NJ
Thu Feb 23, 2012
In Minnesota, a borrower usually has a six-month redemption period, but some property types and mortgages allow for a 12-month redemption period. During this time, the borrower can redeem the property by paying the total amount of the bid plus interest and any applicable costs.
0 votes
House Geeks, Agent, St Paul, MN
Thu Feb 23, 2012
Yes, in most cases it is 6 months. Have you had the sheriff sale yet? I put a link below you may find helpful.

Kirk Duckwall
The Duckwall Team of Realtors
Edina Realty
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