1. Free Legal Help, Legal Forms and Lawyers. TheLaw.com has been providing free legal assistance online since 1995. Our most popular destinations for legal help are below. It only takes a minute to join our legal community!

    Dismiss Notice

MN foreclosure redemtion period

Discussion in 'Foreclosure, Repossession, Auctions, Short Sales' started by jerry4823, Aug 15, 2013.

Thread Status:
Not open for further replies.
  1. jerry4823

    jerry4823 Law Topic Starter New Member

    Messages:
    1
    Likes Received:
    0
    Trophy Points:
    0
    Good morning, I don't think I need to go into the details of the why's, it's the same as many others (wife's health, she lost her job, I lost my job and had to make a career change).

    The missus and I sat down and discussed our options, deciding that letting the house go back (underwater about $80,000) is our best option.

    Anyway, yesterday we saw the first advertisement of foreclosure in the local paper with a sheriff sale of September 26, 2013. Redemption period ends on March 26, 2014.

    The property is 27 acres, has been our little farm since we signed the current mortgage (horses, cattle and goats) and is taxed as agricultural by the county.

    My question pertains to the redemption period. I read, that in Minnesota, the redemption period on agricultural land is 12 months if the property meets certain requirements, one of them being, "The mortgage was executed on or after August 1, 1994, and the mortgaged property, as of the date of the execution of the mortgage, exceeded ten acres but did not exceed 40 acres in size and was in agricultural use, as defined by Minnesota statute".

    All of the above apply and I am wondering what my options are to retain residency for the 12 month redemption period?

    The only thing I can think is that there might be something in the mortgage paperwork addressing this? The mortgage is with Suntrust and I will have a look when I get back home (I work in Colorado).

    If I can find an attorney to stall the sale or prolong the redemption period, it would help.

    Thank you in advance
     
  2. disagreeable

    disagreeable Well-Known Member

    Messages:
    2,739
    Likes Received:
    226
    Trophy Points:
    63
    No one is going to encourage you to break the law. When you are served with legal notice to vacate follow it.
     
  3. Betty3

    Betty3 Super Moderator

    Messages:
    6,967
    Likes Received:
    290
    Trophy Points:
    83

Share This Page

Thread Status:
Not open for further replies.