Mortgage foreclosures are legal actions taken to foreclose upon real estate. Minnesota State Statutes Chapters 580-582 address the subject of foreclosures.
Mortgage Foreclosure Sales Procedure
The sale is conducted by the Sheriff, or his designate, in an open bidding process. Sales are conducted Monday through Thursday (except legal holidays) at 10 a.m. in the Sheriff’s main reception. The bidding process will begin with the lender, mortgage company or plaintiff’s attorney/representative verbally announcing their bid.
Following the opening bid, others are given an opportunity to bid. A successful bidder must have cash or certified funds (payable to the Sherburne County Sheriff) available to pay the Sheriff’s Office at the time of the sale.
The successful bidder will receive a Sheriff’s Certificate of Sale that lists the name of the purchaser and the amount of the purchase. The Certificate of Sale is prepared by the attorney and includes documentation proving that all statutory requirements have been completed.
All mortgage foreclosure sales are subject to a redemption period. The length of the redemption period is noted in the sale notice. (The redemption period may be subject to change.)
Redemption of Mortgage Foreclosed Property
For redemption of foreclosed properties through the Sherburne County Sheriff’s Office, requests must be made a minimum of ten (10) days prior to the day you wish to redeem. When making your request, please be sure to provide all the information listed on the Request for Certificate of Redemption form . There will be a $250 fee for issuing the Certificate of Redemption.
NOTE: The Sherburne County Sheriff’s Office does not issue certificates of redemption for short sales. If the redemption involves a short sale, contact the lender/mortgage company or their attorney directly.
Creditor Redemption: Notice of Intent to Redeem
The Notice of Intent to Redeem must be filed with the Sherburne County Sheriff’s Civil Division at least seven (7) days prior to the end of the owner/mortgagor’s redemption period. The Notice of Intent to Redeem must be a recorded copy and include recorded copies of the supporting documents giving you the right to redeem (mortgage, lien, judgment). There is a $100 filing fee for each Notice of Intent to Redeem. Redemption matters are handled Monday through Friday (except legal holidays) between 9:00 am and 4:00 pm