Did you know that you have other options to try sell your home with a SHORT SALE either prior to the Sheriff's sale during pre-foreclosure and even during your Homeowner' Redemption Period (6 months after the Sheriff's Sale)? Minnesota allows homeowners to try to redeem their property after the Sheriff's Sale and sometimes will allow a short sale. At the Sheriff's sale, or auction, the person or entity (more often than not is your lender buying it back in the amount you owed) that purchases the home only holds the RIGHT TO THE TITLE ONLY IF AFTER THE HOMEOWNER'S 6 MONTH REDEMPTION PERIOD EXPIRES WITHOUT SATIFYING THE MORTGAGE DEFAULT. This may still be possible with a Short Sale. A Short Sale is the bank allowing you to sell your home for less than what you owe and then either; "without recourse" & is accepted where the lender does not hold you liable for the balance forgives you on the amount or allow you to make small payments to pay off the outstanding balance after the sale of the home. Honestly, most lenders wouldn't choose foreclosure over working something out. Foreclosure on your credit history is very long term & damaging mark on your credit and will stop you from being able to buy another home for a very long time and in many instances, not be allowed to rent when a credit history is run for rental purposes.
I am not sure what stage or concern you are at today but if you have interest in trying to correct this please contact me right away and I will help you out.
Hope I can help!
Coldwell Banker Burnet
190 Cobblestone Rd
Burnsville, MN 55337
I would have an agent call the mortgage company and work on negotiating a short sale without recourse. Failing that, you might want to try for a deed in lieu of foreclosure without recourse. If you need some help or have any questions about this I would be more than happy to help.