In the state of Minnesota, Linda, it can be a deed of trust or a mortgage. Also, it can be foreclosed via the judicial process or via the non-judicial process.
In the state of Minnesota, Linda, it can be a deed of trust or a mortgage. Also, it can be foreclosed via the judicial process or via the non-judicial process. When the owner has stopped making payments, in the non-judicial process, after a few letters of warning, the lender records a notice of sale, which is usually about 60 days away. The sheriff of that county will hold a sale if the borrower has not made up the payments. If it is a judicial process, then it is handled in court by the judge and it almost always takes longer than 60 days. That’s why most lenders will opt for the non-judicial process in the note and deed of trust or mortgage. If you expect to buy a house that is in foreclosure, you would approach the borrower/owner and see how you can help them. You would offer to make up the back payments if they would allow you to take title for what they owe. The borrower may ask for some money besides. There are some very good books on the subject of buying houses that are in fore
Related Questions
- In the state of Minnesota, Linda, it can be a deed of trust or a mortgage. Also, it can be foreclosed via the judicial process or via the non-judicial process.
- How do we handle the situation where the Seller is doing an Exchange and they will be carrying back a note and deed of trust or mortgage?
- What is the difference between a Judicial Foreclosure / Deed of Trust Sale and a Deed in Lieu of Foreclosure?
