After the sheriff sale, the borrower typically has a “redemption period” of six months, and can remain in the home during this period (in some cases, the redemption period may be extended to twelve months). During the redemption period, the borrower may attempt to refinance the home through a new mortgage. Remember, however, that the borrower may be responsible for fees incurred during the foreclosure process in addition to the amount of the defaulted loan. Alternately, the borrower may attempt to sell the home in order to take advantage of any equity that he/ she has built up in the home. If the borrower has been unable to refinance or sell the home after the six month redemption period, he/she must vacate the property. As found on the Minnesota Attorney General's website
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Redemption Period
The materials contained within this page may not be reproduced without the express written consent of REALTY PRO, LLC. The information herein is believed to be accurate and timely, but no warranty as such is expressed or implied.