Foreclosure Surplus Funds Minnesota

Summary

In Minnesota, foreclosure laws ensure that any surplus funds from a property sale go to the homeowner. Banks can buy back properties at sheriffs sales, and any surplus, including equity, should be returned to the homeowner. There are no specific laws on how long a bank can hold a foreclosed property before reselling it. To check for overages, contact the sheriffs office, mortgage lender, or consult a real estate attorney.

Full Conversation

Minnesota what if a home is foreclosed on and the bank buys property back but keeps it from going to auction or being sold. They can offer again at anytime but when sells it sells for a large amount over what was owed is this legal? Is this not what the the sheriff sale is for to sell to recover funds owed. The home was taken to recover the debt
In Minnesota, foreclosure laws are designed to ensure fairness in recouping debts. Here are some key points:
- The foreclosure process typically includes a sheriff's sale to recover the owed debt.
- If the property is sold for more than the debt, surplus funds should generally go to the homeowner.
- Banks can buy back the property at the sheriff's sale.
One relevant question: Have you received any communication or documentation from the bank regarding the surplus funds from the sale?
What about the equity paid even if it stays off your record you paid over half off. They can just keep it off market for 6 months and turn around and sell it for more than owed say paid for half the price bought for and they sell for triple 6 months after foreclosure. Shouldn't that still be the homeowners cash
In Minnesota, if a foreclosed property is sold for more than the debt owed, any surplus should typically go to the homeowner, including any equity you've built up. The exact details can depend on the terms of your mortgage and state laws.
Have you consulted with an attorney about your specific situation to ensure you're receiving any surplus funds?
Not yet. It seems Minnesota is doing this and it takes away from supreme Court ruling
In Minnesota, if a foreclosed property is sold for more than the amount owed, the surplus funds, including any equity, should generally go to the homeowner. Banks can buy back properties and resell them later, but they are required to follow state foreclosure laws and procedure.
Have you received any formal documents from the bank or the sheriff's office regarding the foreclosure and sale?
No I am asking because I started an LLC to help people in this process for profit and the laws have changed so much I have yet to launch. Do you have any recommendations on a lawyer to contact. Maybe the attorney hired by mortgage company? But it looks like all you have to do is wait before selling by that time it's a profit because it's been forgotten or people don't know
For your LLC, it's a good idea to consult a real estate or foreclosure attorney to get clarity on the current laws and ensure you can help your clients effectively.

Minnesota State Bar Association~
Phone: (*) *-*
Website: www.mnbar.org


Have you considered reaching out to a local bar association for a referral to a specialized attorney?
Thanks
It sounds like you're dealing with a complex issue involving foreclosure laws and surplus funds, particularly given the changes in legislation. Consulting with a specialized attorney will be essential for your LLC to operate effectively and within the law.
Would you like more information on how to find reputable foreclosure attorneys in Minnesota?
What if I have a company in mn but I want to make it a dog grooming business instead my original idea seems not very profitableand my business license is for to conduct business in mn it does not say specifically a title just that I am legal to conduct bussiness
In Minnesota, changing the nature of your business within the same LLC is generally permissible. Here are the steps you might need to consider:
- Check your current business license and ensure it allows for dog grooming services.
- Update your business plan and any relevant documents to reflect the new business activity.
- Notify the Minnesota Secretary of State's office about the change in business activity.
- Ensure compliance with any specific regulations related to dog grooming (e.g., health and safety standards).
Have you looked into any specific regulations or licenses needed for a dog grooming business in Minnesota?
Cis there any laws or rules in Minnesota for a grooming shop
In Minnesota, dog grooming businesses must comply with specific regulations. Here are some key points:
- Obtain a business license if required by your local municipality.
- Ensure compliance with health and safety standards, including sanitation and animal welfare.
- Check zoning laws to ensure your location is suitable for a grooming business.
Have you checked your local municipality's requirements for operating a dog grooming business?
Not as of yet I'd need to change name and probably the ein
For changing your business name and EIN in Minnesota:
- Name Change: File an amendment with the Minnesota Secretary of State's office to update your LLC's name.
- EIN: If you change your LLC's name, you might not need a new EIN. However, confirm with the IRS.
Have you contacted the Minnesota Secretary of State for guidance on the name change process?
Yes also my original idea was to help retrieve with the excess proceeds but that is not as easy in mn as other states. Is there a universal license to cover all the usa
In the U.S., business licenses are typically issued at the state or local level, not universally. You'll need to comply with each state's requirements where you plan to operate.
Would you like information on starting a dog grooming business in another state, or help with another legal question?
No
It seems like you have a good grasp on the foreclosure process and the potential pitfalls in Minnesota. Transitioning to a dog grooming business is certainly a viable option and might be less complicated.
If you have any specific legal questions or need further guidance, feel free to ask!
How to obtain the info for if there is an overages owed where can I find that info
To find information on whether there are overages owed from a foreclosure in Minnesota, you can:
- Contact the sheriff's office that conducted the sale.
- Check with the mortgage lender or their attorney.
- Review any foreclosure documents you received.
- Consult with a real estate attorney for detailed guidance.
Would you like more information on contacting a real estate attorney?
Thank you
It sounds like you're navigating some complex legal waters regarding foreclosure and business changes.
If you need specific information on overages owed from a foreclosure, here's a concise recap:
- Contact the sheriff's office that conducted the sale.
- Check with the mortgage lender or their attorney.
- Review any foreclosure documents you received.
- Consult a real estate attorney for detailed guidance.
Would you like more information on contacting a real estate attorney?
There is nothing stating how long before sold if the bank buys before offered at a sale. When offered for sale by bank again it sells for more who gets equity and how long can they not offer to sell when the law says it's taken and sold doe debt owed
In Minnesota, foreclosure laws generally ensure that any surplus funds from the sale go to the homeowner. Here are some key points:
- Banks can buy back properties at sheriff's sales.
- Surplus funds, including equity, usually go to the homeowner.
- There are no specific laws about how long a bank can hold a foreclosed property before reselling it.
Would you like information on how to check for overages or surplus funds owed to you?
Yes
To check for overages or surplus funds owed to you after a foreclosure in Minnesota, you can:
- Contact the sheriff's office that conducted the sale.
- Check with the mortgage lender or their attorney.
- Review any foreclosure documents you received.
- Consult a real estate attorney for detailed guidance.
Would you like more information on contacting a real estate attorney?