Foreclosures MN

Facing Mortgage Foreclosure

Dealing with Mortgage Foreclosure - What's you home worth?

If you're a homeowner facing mortgage default or foreclosure, know that assistance is available. Taking prompt action is vital to safeguard your interests and home.

Act Promptly

Initiate action as soon as you foresee trouble in paying your mortgage. Do not hesitate to seek help; contact your lender or a reputable counselor immediately.

Understanding Foreclosure

Foreclosure is a process where a lender repossesses a property due to missed mortgage payments. It involves stages such as default, a sheriff's sale, and a redemption period.

Default Stage

A borrower can default on a loan after missing one payment. Lenders send a 'default' notice, prompting the borrower to contact the lender to discuss possible solutions. Swiftly addressing this issue is crucial.

Sheriff's Sale

If the default remains unresolved, the lender may proceed with a sheriff's sale. This stage makes it challenging to save the home, requiring a new loan to cover the bid amount, fees, and more.

Redemption Period

Following a sheriff's sale, a redemption period of six months (sometimes twelve) allows the borrower to refinance or sell the home. Failing which, they must vacate the property.

Understanding Options

Various options exist for those behind on payments, including seeking a reputable counselor, requesting a loan modification, considering refinancing, reinstatement, forbearance, repayment plans, fee waivers, selling the home, or exploring a Deed-in-Lieu.

Beware of Scams

Be cautious of scams targeting vulnerable homeowners during foreclosure. Avoid equity stripping scams or fraudulent mortgage foreclosure consulting services.

Seek Assistance Wisely

Choose reputable counseling agencies and beware of up-front fee collectors posing as counseling entities. Minnesota law prohibits foreclosure counselors from charging fees until after providing a service.

Seek guidance and act promptly when facing mortgage foreclosure to explore available options and protect your home. 

Foreclosures MN

👉Need help? Foreclosures MN Realtor REMAX Professionals Brian Zimpel 

👉Additional Resources

👉For Help Sell a house when in foreclosure and start fresh with a contract for deed.

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