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Redemption Periods It Ain't Over Until Its Over

Mortgage foreclosure proceedings in Minnesota generally result in a Sheriff's Sale, where the property is sold by public auction. However, unlike typical auction sales, the successful bidder at the Sheriff's Sale doesn't receive complete "ownership" of the property. Instead the successful bidder receives a Sheriff's Certificate that's subject to the property owner's right to redeem. Redemption is made by paying the holder of the Sheriff's Certificate the bid-in amount plus interest and certain costs. If the owner does that, it's as if the foreclosure never took place.For most residential foreclosures the redemption period is six months from the Sheriff's Sale. During the redemption period, the owner is entitled to continue to live on the property and receive the rent if it's being rented out without being required to make any payments. The only right the holder of the Sheriff's Certificate has during the redemption is to make sure the property isn't being destroyed; and if the property is vacant or unoccupied, the holder of the Sheriff's Certificate can take protective measures, such as changing the locks, winterizing the property, etc.If the owner fails to redeem within the redemption period, the owner no longer has any interest in the property and the Sheriff's Certificate "ripens" into full and complete ownership.If you have questions about mortgage issues, stop in or call us at (320) 763-3141.

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