Mortgage Foreclosures are legal actions taken to foreclose upon real estate. Mortgage Foreclosure by Advertisement and Mortgage Foreclosure by Action are the two most common types of actions taken to foreclose upon real estate. Minnesota State Statute Chapters 580-582 address the subject of foreclosures.
Mortgage Foreclosure by Advertisement
This is the most common type of action which is based on a default in the terms of the mortgage. The attorney representing the mortgage company will schedule the sale, prepare the Notice of Mortgage Foreclosure Sale and arrange for service and publication of the notice.
Attorneys representing the mortgage company typically do not involve the Sheriff until the time of the sale so the Sheriff's Office has very limited information regarding each sale. All inquiries prior to the sale should be directed to the attorney representing the mortgage company. The law firm's contact information is usually printed on the bottom of the Notice of Sale.
Mortgage Foreclosure by Action
These sales are conducted by the Sheriff pursuant to a direct order by a judge to sell a specific parcel of real property. With this type of foreclosure, the notice is posted in three public places, the individual is served and it is published in the newspaper.
- In both types of mortgage foreclosure sales, the sale is conducted by the Sheriff's Office using an open bidding process. Sheriff's Sales are scheduled on Tuesdays and Thursdays at 10 a.m. in the Sheriff's Office. Prior to the sale, the Sheriff's Office is not provided with information regarding property value or the opening bid amount. For additional information please refer to the published notice of sale or contact the law firm representing the mortgage company.
- The mortgage company representative will provide the opening bid with the amount due at the time of the sale. Following the opening bid, others are given an opportunity to bid higher than the opening bid.
- The highest bidder must provide cash or certified funds payable to the Crow Wing County Sheriff's Office at the time of the sale. No approval letters or requests for additional time to obtain funds will be accepted at the time of the bid. If an overage occurs using certified funds, Crow Wing County will refund the overage.
- The highest bidder will receive a Sheriff's Certificate of Sale provided by the mortgage foreclosure law firm that lists the name of the purchaser and the amount of the purchase. This document must be recorded after the sale.
- All mortgage foreclosure sales are subject to a redemption period which is noted in the Sheriff's Certificate of Sale.
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