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Mortgagor Redemption

A sheriff’s sale is your house has been subjected to a sheriff’s sale, and has been purchased by a new mortgagor / certificate holder you are in a difficult situation with your property. These are circumstances that you’ve probably never encountered before, so it may not be clear what the best course of action is for you and your family.

By state or local statute (see below), you are now in a six-month redemption period, during which you must make some important decisions.

  • • You can raise the entire remaining portion of the outstanding loans on the property, pay off the loans in full, and retain ownership.
  • • You can find a purchaser for the property.
  • • You can remain in your house until the end of the six-month redemption period without finding a buyer, and without paying off the entire amount of your loans, If you choose this option the certificate holder from the sheriff’s sale will redeem the property and take possession of it.

There are a number of options available to you now that Minnesota Housing Hub can explain to you, and assist you in navigating through this complex and difficult situation.

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