Real Estate 101: What Is The Difference Between Short Sales and Foreclosures?
For homeowners who fall behind on their mortgage payments, mainly due to a sudden financial crisis, such as unemployment and other income loss, unexpected…
Short sales & foreclosure
Behind on your mortgage? You have more options than you think.
Minnesota law gives homeowners real time and real choices, from catching up to selling on your own terms. These guides explain each step and deadline in plain English, with the law behind it. When you're ready, we'll talk it through privately.
For homeowners
Start here
- Behind on your mortgage? Your options in MinnesotaFree help, ways to keep the home, ways to leave on your terms, and scams to avoid.
- How foreclosure works in Minnesota, step by stepEvery notice and deadline, from missed payments to the end of redemption.
- How a short sale works in MinnesotaSelling for less than you owe: approval, paperwork, deficiency and taxes.
Free help, right now
The Minnesota Homeownership Center connects Minnesota homeowners with free, nonprofit foreclosure prevention advisors: 866-462-6466 (toll free) or 651-659-9336. Never pay an upfront fee to anyone who promises to stop a foreclosure; Minnesota law doesn’t allow it.
Huerkamp Home Group has handled hundreds of short sales, and we work with Markve, Zweifel & Heinrich, PLLC, a Minnesota law firm whose short sale team has closed more than 4,000 short sales for Minnesota homeowners since 2009. Want to know what your home would sell for? Call (612) 843-9620 or request a confidential call. Rated 5.0 stars across 841 Google reviews.
For buyers
Buying a foreclosure or short sale
Read
Short sale and foreclosure articles
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How To Find The Best Agent For A Short Sale
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How To Properly Deal With The Threat Of Foreclosure
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Quick answers
Questions we hear most
What should I do first if I can’t make my mortgage payment?
Call your loan servicer to ask about options, and call a free foreclosure prevention advisor at the Minnesota Homeownership Center (866-462-6466). Under federal rules a servicer generally can’t start foreclosure until you’re more than 120 days behind, so acting early gives you the most choices.
What is the difference between a short sale and a foreclosure?
In a short sale you sell the home yourself, for less than you owe, with your lender’s approval. In a foreclosure the lender has the home sold at a sheriff’s sale; in Minnesota you usually then have six months to redeem or sell before you must move out.
Can I still sell my house if it’s in foreclosure?
Usually, yes: before the sheriff’s sale, and in most Minnesota foreclosures during the redemption period after it. If the home is worth more than you owe, selling lets you keep the difference.
Have you done short sales before?
Huerkamp Home Group has handled hundreds of short sales, and we work with Markve, Zweifel & Heinrich, PLLC, a Minnesota law firm whose short sale team has closed more than 4,000 short sales for Minnesota homeowners since 2009.
Does it cost anything to talk with you?
No. A confidential call and a home value are free, with no obligation.
General information about Minnesota law, not legal or tax advice.
Confidential, no cost
Talk through your options, privately.
Tell us where things stand. A Huerkamp Home Group agent will call you back to go over what your home is likely worth, whether a regular sale or a short sale makes sense, and the deadlines that matter. What you share stays private. For free foreclosure counseling, you can also call the Minnesota Homeownership Center at 866-462-6466.
Prefer to talk? Call (612) 843-9620.