New State Law Allows Minnesota Homeowners In Foreclosure To Pay Off Back Payments Over Five Month Period In Exchange For Reduced Redemption Period
- Struggling homeowners now have another chance to save their homes from foreclosure. A new Minnesota law makes it possible to delay the sheriff's sale - giving people behind on their mortgage payments more time to pay back what they owe. Until now, homeowners in foreclosure had one option - pay off the entire mortgage within six months or say goodbye.
- The new law gives homeowners another one: to postpone the sheriff's sale by five months. The new law says homeowners who pay back what they owe during the five months can reinstate their mortgage and cancel a sheriff's sale. [...] There is one tradeoff for delaying the sale: people who don't catch up in time get just five weeks [reduced from six months] at the end of the process to redeem their house.
For the story, see New law gives homeowners more time to escape foreclosure.
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