There is a new ruling as of June 15th, where the timeline could shift for a minnesota foreclosure in hopes that the lenders and homeowners can do more loan modifications.

http://www.foreclosurenightmare.com/LOANMOD-TIMELINE-Postponement of foreclosure affidavit.pdf
http://www.foreclosurenightmare.com/LOANMOD-TIMELINE-FactSheet_Postponement_foreclosureFAQ.pdf

The property is to be classified as homestead under Minnesota Statutes, section 273.124, is occupied by owner as a homestead, and is improved with not more than four dwelling units.

Also the owner has agreed to shorten Owner’s redemption period from any foreclosure sale of the property to 5 weeks in exchange for the postponement of the foreclosure sale for five months.

Before attempting a loan modification you should see the risks and the low likelihood that they are approved, see through the stats.  http://foreclosurenightmare.com/loan-modification-risks.pdf

If the loan modification doesn’t work, as most don’t, then you now are left with as little as 6 weeks left in redemption period which is hardly enough time to market the property or have an option of selling on a short sale.  You will have to plan ahead on this and work the short sale, knowing to do that ahead of time.  You are unlikely to get a principle balance reduction on a loan modification and that’s what almost everyone needs right now, that’s why they are doing short sales.  Now that you understand timelines a little more it’s important that you get started on a short sale as soon as possible so that we have ample time to negotiate with your bank(s) and have enough time to market the property at the lower price to get the property sold for you.  To start the short sale process, please go to www.wecallyourbank.com

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