Facing Foreclosure?
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What is Foreclosure
Foreclosure is a legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments to the lender by forcing the sale of the asset used as the collateral for the loan.
How We Can Help
Get you in touch with foreclosure prevention counseling services, as well as align you with professional legal guidance from the top real estate short sale and foreclosure firms in MN.
What is a Short Sale
A short sale is a sale of real estate in which the net proceeds from selling the property will fall short of the debts secured by liens against the property. In this case, if all lien holders agree to accept less than the amount owed on the debt, a sale of the property can be accomplished.
What Our Clients Say
10/14/2020 - vnhep886
Bought and sold a Single Family home in 2020 in Shakopee, MN.
Our experience with Viet from Pinnacle has set the bar so high. When strangers becomes friends...Viet knew our wants and needs without really knowing us. Everything done by him has been so seamless! Easy transitions, made things that seemed impossible to possible! He had us in our best interest and never made us feel out of the loop. Viet educated us on everything & answered all of our questions anytime of the day. We highly recommend Viet and have already bragged to our family and friends about him. He treated us like family and was straight forward with us about anything and everything! Blessed to have met him.
02/08/2018 - Meg Sharp
Bought a Single Family home in 2017 in Hugo, MN.
Viet Le is hands down, the best Realtor I have ever had the joy of working with. We always felt he was looking out for us and had our best interest in mind. Thorough, honest and always made time to show us as many houses as we wanted to see, answer a quick question or return our phone calls. I would recommend him to anyone looking to buy or sell a home. I will never use anyone else, as long as he is in the business!
09/07/2018 - samantha chan28
Bought and sold a Single Family home in 2018 in Brooklyn Park, MN.
We got in contact with Viet as a recommendation from our last realtor and we couldn't be happier! From day one, he proved his knowledge of what was going on in the real estate world, took the time to hear what it was that we were looking for in a house, and even though we had a house we were ready to purchase, he did his due diligence and found other houses for us to compare so we KNEW this house was exactly what we wanted. We purchased a new development and Viet was there for each and every meeting, provided his feedback, and asked the necessary questions we had never thought to ask. I would 100% recommend Viet whether you're just selling, buying or both!
The Foreclosure Process in MN
The foreclosure process in Minnesota can last several months. The most important thing that home buyers need to understand is that a foreclosure is a process. There three main parts to the foreclosure process and I will simplify the foreclosure process in Minnesota here.
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PART ONE OF THE FORECLOSURE PROCESS IS THE PRE-FORECLOSURE PERIOD
The process begins when a lender notifies the borrower of the default. The letter received by the homeowner is called a notice of default (NOD). The lender then files a court action against the borrower. If the court rules against the borrower, a sale is scheduled - this sale is called a Sheriff's sale.
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The majority of Minnesota foreclosures are handled out of court through a power-of-sale clause contained in the mortgage. Under most mortgages, a lender must mail a default notice to the borrower before they schedule a sale. The borrower can stop the foreclosure any time before the foreclosure Sheriff's sale by paying the default amount and fees incurred.
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PART TWO OF THE FORECLOSURE PROCESS IN THE NOTICE OF SALE/AUCTION
The notice must include the borrower, owner, and lender names, the original loan amount and all pertaining information. The notice must be published for six weeks, and the occupants of the property must be given the notice in person at least four weeks prior to the sale. Anyone may bid at the sale, and the property is sold to the winning bidder, although the lender usually has a representative that is the high bidder, and usually the only bidder. They do this to protect the asset that they will likely take back if the homeowner does not pay the winning bids plus legal fees before the end of the redemption period. The winning bidder must be prepared to pay the full amount in cash. After the sale, the sheriff gives a certificate of sale to the winning bidder. The certificate of sale effectively transfers ownership and possession rights to the winning bidder after the redemption period.
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PART THREE OF THE FORECLOSURE PROCESS IS THE REDEMPTION PERIOD
The redemption period is where most of the action happens. Homeowners may also attempt to sell the home so that they can pay the redemption price and avoid having a foreclosure on their record. In Minnesota, a borrower usually has a six-month redemption period. During this time, the borrower can redeem the property by paying the total amount of the bid plus interest and any applicable costs. This is where you the homeowner have options.
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"Focus on the step in front of you, not the whole staircase".