Thursday, October 22, 2009

Foreclosure Postponement Video

Effective June 15, 2009 Minnesota state law allows homeowners that have fallen behind on their mortgage payments to delay, or postpone, the Foreclosure Sale (also known as the “Sheriff’s Sale” or "Sheriff's Auction") of their home by five months.

Postponing the Foreclosure Sale gives homeowners five more months to bring their mortgage current. The tradeoff - is that it also reduces the redemption period to five weeks. (Standard MN redemption period for a foreclosure by advertisement is 6 months).

Previously, the Center had created a fact sheet and affidavit to assist homeowners that might be interested in postponing their Foreclosure Sale.

Now the Center has created a video (available on our YouTube Channel here), that helps homeowners understand the Foreclosure law, the steps to take and other important aspects of foreclosure postponement in Minnesota:

Click here to view video on our YouTube Channel if embedded video is unavailable.

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