You May be Able to Delay a Foreclosure Sale (Sheriff’s Sale)
According to the Minnesota Home Ownership Center , owners of homesteaded 1 – 4 unit buildings may be able to delay the Foreclosure Sale (Sherriff’s Sale) by up to 5 months by following certain steps after the sheriff’s sale is published and at least 15 days prior to the scheduled sheriff’s sale. In a “Postponement of Foreclosure Sale – Homeowner FAQ” document published by the Minnesota Home Ownership Center , it explains the steps required to postpone the sale by 5 months giving an owner more time to bring mortgage payments current, perhaps workout a mortgage modification or complete a short sale. It is important to note that the Sherriff’s sale can only be postponed once and the redemption period following the sale is reduced to 5 weeks. The redemption period is the period of time you have to keep your property by paying off the amount paid at the Sheriff’s sale along with fees the occurred due to the Sheriff’s sale. This amount is usually available from the Sheriff’s office.
The steps described in the FAQ document require a filling out an Affidavit of Postponement , a little leg work and maybe a few fees. It also involves watching the clock to make sure they are completing the filing and delivery of documents before certain deadlines
This video from the Minnesota Homeownership Center helps to expalin the Postponement of a Foreclosure Sale.
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