Redemption.. after the sherif sale

In Minnesota, we have a period of time after the sheriff sale that the homeowner still "owns" the home. During that time, they can "redeem" the property. That means they can pay-off the first mortgage for the amount the property sold for at the sheriff sale and get the property back OR sell the property, pay off the sheriff sale and walk away with any extra. A second mortgage would still need to be dealt with.

For example, we just had a home listed in Brooklyn Park that sold for $46k (he had owed the 1st $178k) at sheriff sale. We sold the property for $130k. He paid off his second mortgage and still walked away with $17k! These sales require no bank approvals (on the seller side) and can happen quickly.

Again, these sales are better for your credit than a full foreclosure. The banks have some latitude on how they report this.. but they can be reported as paid or satisfied. This is a better option than stategic foreclosure!

Call or email me to find out how much your home sold for at sheriff sale or if one of these redemption sales could work for you!

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