Minnesota Foreclosure Surplus Proceeds

Summary

In Minnesota, banks can sell foreclosed properties later for a higher price, but any surplus proceeds belong to the original homeowner after debts are settled. To claim these funds, homeowners must file a claim with the county, typically within one year, providing necessary documentation. Starting a business in this field requires understanding foreclosure laws, obtaining business liability insurance, and possibly special licenses. Consider consulting local authorities for specific licensing requirements and insurance providers for coverage options.

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i started an llc in * and have not launched i have an llc in mn for excess proceeds but i am finding the bank buys property back at fioreclosure for amount owed and sits on it by keeping it not forsale untill a later date and selling it 6mo or better for a larger amount is there a time stipulation ?and is legal to make a profit for bank or is it always the original homeowners profit even if its sat on for q time and not offered for sale to make the debt cured for that is why it was taken to reap the amount needed in order to keep in mn it seems that people are being robbed or untold when the property sells
In Minnesota, there are no specific time stipulations for how long a bank must hold a property before selling it after foreclosure. Banks can sell foreclosed properties at a later date and potentially for a higher price. The original homeowner is entitled to any excess proceeds from the sale after the mortgage and other liens are paid off.
Are you looking for more information on excess proceeds or foreclosure laws in Minnesota?
even if its not offered for over a year is the profits made still belong to original owner it was taken from
In Minnesota, any excess proceeds from the sale of a foreclosed property still belong to the original homeowner, regardless of how long the bank holds the property before selling it. After paying off the mortgage and other liens, the remaining funds should be returned to the original homeowner.
Would you like more details on the process of claiming excess proceeds?
yes give me all the information i need
Here’s a concise summary of the process to claim excess proceeds from a foreclosure sale in Minnesota:
- Notification: The original homeowner should receive a notice about any excess proceeds after the foreclosure sale.
- Filing a Claim: You must file a claim with the county where the property is located to request the excess proceeds.
- Time Limit: Claim the funds within a specific time frame, typically one year, or the funds may be forfeited.
- Documentation: Provide necessary documentation proving your right to the excess proceeds, such as proof of ownership and identity.
Would you like more detailed steps or assistance with specific forms?
how to obtain lists? they used to be easy and now its not on the websiteswould a foia be best or talking to attorney hired by bank
To obtain lists of excess proceeds, you have a couple of options:
- FOIA Request: File a Freedom of Information Act (FOIA) request with the relevant county or state agency.
- Attorney: Consulting an attorney familiar with foreclosure laws can streamline the process.
Would you like more details on how to file a FOIA request in Minnesota?
is this going to be a profitable bussiness in mn
It could be profitable if you manage the process efficiently and stay informed about the legal requirements. Ensuring timely claims and navigating foreclosure laws are key.
Would you like more information on foreclosure laws or assistance with starting your business?
yes
In Minnesota, understanding foreclosure laws and efficiently managing the process of claiming excess proceeds can potentially make this a profitable business. Here are some key points to consider:
- Understand Foreclosure Laws: Ensure you are well-versed in Minnesota’s foreclosure laws.
- Timely Claims: Make timely claims for excess proceeds.
- Efficient Management: Efficiently manage records and client relationships.
Would you like more detailed steps on starting your business or specific legal requirements in Minnesota?
yes
To start your business efficiently in Minnesota, here are some steps and considerations:
- Business Plan: Create a detailed business plan outlining your strategy and goals.
- Legal Structure: Ensure your LLC is properly registered and compliant with Minnesota laws.
- Marketing: Develop a marketing strategy to reach potential clients.
- Compliance: Stay updated on Minnesota foreclosure laws and any changes.
Would you like more specific steps on any of these areas?
yes write a bussiness plan and a plan to show bank
Sure, ****! Below is a concise business plan outline and a plan to present to the bank.
Business Plan: Excess Proceeds Recovery LLC
Executive Summary
- Business Name: Excess Proceeds Recovery LLC
- Location: Minnesota
- Business Type: LLC
- Business Activity: Assisting former homeowners in Minnesota to claim excess proceeds from foreclosure sales.
Company Description
- Mission Statement: To provide efficient and reliable services to help homeowners reclaim excess proceeds from foreclosure sales.
- Goals: To become the leading service provider in Minnesota for excess proceeds recovery.
Market Analysis
- Industry Overview: Foreclosure laws and the potential for excess proceeds.
- Target Market: Former homeowners in Minnesota who have lost properties to foreclosure.
- Competitor Analysis: Limited competition focusing on excess proceeds recovery.