Postponement of Foreclosure Sale
Effective June 15, 2009, Minnesota state law allows you to delay the foreclosure sale (“Sheriff’s Sale”) of your home by 5 months. By postponing the Sheriff’s Sale, it gives you 5 more months to bring your mortgage current. It also reduces the redemption period to 5 weeks. During the redemption period, you must pay off the amount bid at the Sheriff’s Sale to retain ownership of the property. Generally, this is about equal to the amount owed on the mortgage. The new Sheriff’s Sale date will be the first day that is not a Saturday, Sunday or legal holiday and is 5 months after the originally scheduled Sheriff’s Sale.
To postpone a Sheriff’s Sale, the property must be classified as homestead and be 1 to 4 units. Also, the first publication of the Sheriff’s Sale must have occurred and it must be at least 15 days before the scheduled Sheriff’s Sale.
To postpone a sale, you must complete all of the following steps:
- Execute 4 copies of the required affidavit, including having them notarized and attaching a copy of the Notice of Mortgage Foreclosure Sale to each.
- Record affidavit at the county recorder or registrar of titles where the mortgage was recorded.
- Please note: Fees are required for recording the affidavit; fees vary by county but expect about $45 - $50.
- Get 3 copies stamped with the recording date and location (one for your records, the other for steps below.) Additional fees may apply; fees vary by county but expect about $2 per copy.
- File a copy of the affidavit showing the date and office in which it was recorded with the sheriff conducting the sale. Include copy of the Notice of Mortgage Foreclosure Sale. Contact the Sheriff’s Office in your county to determine the process.
- Deliver a copy of the affidavit showing the date and office in which it was recorded to the attorney conducting the foreclosure. Include copy of the Notice of Mortgage Foreclosure Sale. Contact the foreclosure attorney to determine acceptable method of deliver (in person, mail and/or fax.)
- Confirm receipt of the copies and the actual new sale date with the Sheriff’s Office and the foreclosure attorney.
Other facts to know about postponing the Sheriff’s Sale:
- If you are unable to bring the mortgage current or redeem during the redemption period, you must vacate the home at the end of the five week redemption period.
- The lender and foreclosure attorney are not required to publish notice or serve you with additional information about the change in the Sheriff’s Sale or the date the redemption period ends.
- Postponement can only be done once, regardless of whether you bring the mortgage current or not.