No sherriff sale yet?

[sofarindebt]

We made our last house payment in August 2006. To this date we have not received any Notice of Sherriff Sale. We did just get a letter from an attorney's office saying they have been retained and our loan is in foreclosure, and the total balance due, blah blah.

When can we expect to receive the Notice of Sale document, now that it is in the hands of an attorney?

Thanks!

[SinkingFast]

What State is the property located in, SoFar?? That will have a lot to do with the Foreclosure timeline.

[BassBoy]

Sofar, my situation is similar to yours, just one year earlier. We made our last payment in August 05, received notice of foreclosure about Jan/Feb 06, and our home was sold at Sheriff's Auction on Jan. 05, 2007..........so...........it can be about 14-18 months if you are in a judicial foreclosure state. We found out that the Sheriff's Sale date was set in Sept. 2006, so you'll have plenty of notice if you choose to stay in the home as long as possible.

[sofarindebt]

Hello, I am in Minnesota.

I understand I have 6 mos after the sherriff sale.........but just don't know when the sale will be.

[SinkingFast]

Here's a link about Minnesota Foreclosure Law for you SoFar:

http://www.extension.umn.edu/distrib...nt/DF7297.html

The Law Firm that sent you the notice is acting as the Trustee of the Sale.

At another website, I found this:

Power of Sale Foreclosure Guidelines

If the deed of trust or mortgage contains a power of sale clause and specifies the time, place and terms of sale, then the specified procedure must be followed. However, in Minnesota, a non-judicial foreclosure may only occur if: 1) no lawsuit to collect the on the mortgage is already underway; 2) the mortgage and any assignments of the mortgage to new lenders have been recorded; and 3) a notice has been given eight (8) weeks before the foreclosure on a homestead.

http://www.foreclosurelaw.org/Minnes...losure_Law.htm

Since you've been contacted, it looks like you may have a couple of months before the Sale is held. Could take longer, depending on how much REO property your Lender already has on the books. But don't depend on that.

The 6 months you were referring to is the "Redemption Period". In MN, you can buy back the house for up to 6 months after the Sale is held.

HTH

[Kam]

Okay, so a couple of dumb questions here.....If I understand you correctly, I can purchase a foreclosed house at auction but have to wait approximately six months before I can take possession of the house? What happens to my money in the mean time? What happens if I want to take occupancy of the property now (like in order to fix it up in order to sell it or lease it)?

Sorry, I hope no one thinks I am hijacking this thread. I'm curious about this 'six-month buy back period'. I mean why even have a sale at all until the six months is up?