Minnesota Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises

State:
Multi-State
Control #:
US-00937BG
Format:
Word; 
Rich Text
Instant download

Description

This is a generic sample of a letter tendering payment of the remaining balance of a loan secured by a mortgage on real property with a request that the mortgagee forward a release to the mortgagor to be filed in the appropriate land records showing that the mortgage has be satisfied and is no longer a lien on the subject property.

How to fill out Letter Tendering Payment In Order To Obtain Release Of Mortgaged Premises?

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FAQ

The request to reduce the redemption period requires a hearing before a Judge where the lender is required to offer evidence to prove that the property is abandoned or vacant. As with voluntary foreclosures, there are restrictions on the type of property for which a 5-week redemption action can be commenced.

When available, the redemption period generally ranges from 30 days to a year. In most states that provide a post-sale redemption period, specific factors often change the redemption period's length. For example: The redemption period might vary depending on whether the foreclosure is judicial or nonjudicial.

A statutory right of redemption refers to a homeowner's right to regain ownership of their property by paying off their mortgage loan within a set period of time (usually around one year). However, this right only applies after the final foreclosure sale occurs and is not available in every state.

Pursuant to Minnesota Statutes, most properties sold in a Mortgage Foreclosure action can be redeemed by the mortgagor. The published Notice of Mortgage Foreclosure sale usually contains a paragraph indicating the length of the redemption period. In most cases, this is 6 months.

After the sheriff's sale, the borrower typically has a ?redemption period? of six months, and can remain in the home during this period (in some cases, the redemption period may be extended to twelve months). During the redemption period, the borrower may attempt to refinance the home through a new mortgage.

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Minnesota Letter Tendering Payment in Order to Obtain Release of Mortgaged Premises