Everyone dreams of the American dream where he or she gets to buy their own home. People will do whatever they must do, save money, take out loans from friends, or whatever, just so they can buy their home. Most people do not buy their home right out. They have to purchase a mortgage, which means they make regular (usually monthly) payments on the home until they own it. Unfortunately, incidents do occur. People get ill and can’t work or they lose their jobs and can’t afford to make their payments. After a period of not making the payments, the home goes into foreclosure. If you or someone you know is going into Foreclosure Cottage Grove MN, this article may help you understand things you need to know.
In Minnesota, you have rights to your property after the Sheriff’s sale known as the redemption period. At the end of this period, which can be from six months up to twelve months, you must vacate the property or face receiving an “unlawful detainer” writ. This writ will go on your official record and may prevent you from being able to lease or rent in the future. It is important to remember that you can no longer remain on the property. Whoever is the holder of the sheriff’s sales certificate becomes the owner. If the owner turns out to be the mortgage company, they will sell the property; and if they get more for the property than what was due to them, they will keep any amount in excess. It is possible to file bankruptcy which will extend your redemption period for 60 days. If there are any loans or liens above the amount of mortgage owed, they will still be attached to you as unsecured personal debts that remains payable. Seek an attorney to get further advice about bankruptcy or for Foreclosure Cottage Grove MN.
The Lamey Law Firm, located in Oakdale, Minnesota serves clients in Cottage Grove and other surrounding areas of Minnesota. They are available to answer any questions you might have concerning any foreclosure you or someone you know might be experiencing. For more information, you can contact their Visit the website
