The artist formerly know as “The Artist Formerly Known as Prince” — also known as, well, Prince — was almost in foreclosure on a piece of land in Chanhassen, MN. Apparently the artist made a last-minute $368,000 payment to “balance out the mortgage” and hence take the property off of the auction block.
Getting to the point of a foreclosure auction doesn’t mean that the property is lost. There’s usually the right to redeem the property more or less right up to the time of sale. The owner of the mortgage in default has already taken a hit on their credit for being so late on the payments, but keeping the property out of foreclosure is far better than letting it go into foreclosure.
Granted, not everyone has a princely six-figure wad of cash to throw at a mortgage, but there always is a chance of redemption if your property is going to a foreclosure auction.