You received notice that a foreclosure of your Minneapolis home would take place on a certain date. What will happen if you pretend you did not receive the notice? Will the problem go away? Do you have to participate in the foreclosure process and provide your consent, or can the lender take the property away from you?
After the Foreclosure Notice Has Been Received
Once a Minnesota foreclosure notice has been received and a notice of sale has been filed, you typically have a period of several weeks before the foreclosure will occur. On the actual day of the foreclosure the sheriff will come conduct the sale of your property at the date, time and place specified in the notice of sale. The property will be sold to the highest bidder. If the highest bid is for an amount lower than fair market value of the property and does not satisfy your original mortgage, then the lender may pursue a deficiency judgment against you for the rest of the money owed.
Contact an Experienced Minneapolis Foreclosure Attorney
Whether you received your foreclosure notice today or weeks ago, it is important to contact a Minneapolis foreclosure attorney as soon as possible. The possible consequences of ignoring your foreclosure notice are losing your home and suffering serious financial consequences that could have been avoided.
For more information about how a Minneapolis foreclosure lawyer may be able to help you, please call our Minneapolis foreclosure law firm today for a free consultation. We can be reached via our online contact form or at MN (952) 920-1001 or AZ (480) 207-2203.