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
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
