How Duplex Owners Facing Foreclosure Can Get Cash In Their Wallet

I wish every Minnesota duplex or investment property owner facing foreclosure knew this one thing: the amount the bank bids at the sheriff’s sale is the amount they want to redeem the property.

For example, if you owe $200,000 on your mortgage, and the lender offers the number $85,000 at the courthouse, it means if you pay them that, as well as  approximately another  2-3 percent in interest, penalties and attorney’s fees, that debt is settled.

In this instance, I am referring only to the lender who is foreclosing. If you have a second mortgage or Home Equity Line of Credit (HELOC), that must be settled separately and, even if you lose your property to foreclosure, that indebtedness survives the proceedings and the lender can and will in all likelihood, chase you for the balance.

Knowing this, I am constantly amazed that more distressed property owners don’t choose to go ahead and sell their property prior to losing it to the bank.

What’s even more puzzling is if these owners could (and in many instances can) sell their property for well beyond the amount  bid at the sheriff’s sale– they are free to keep the difference!

I have investors looking for exactly these kinds of opportunities and can, within days, quickly and painlessly end the stress and strain of foreclosure for distressed Mineapolis duplex owners.

Please call if you’d like to get cash for your property. You have more options than you think.