33. 3 Things You Can Do If You Can’t Make Your Mortgage Payments in Saint Louis Park MN

Cash for your house in Saint Louis Park

Have you found yourself facing new financial circumstances? Maybe you’re swallowed in debt and have a stream of bills constantly flooding your mailbox. Or maybe you’ve recently lost employment and no longer have any way to pay off your credit. Whatever your situation, if you feel like your life is spiralling out of control and you can’t make your mortgage payments, it’s important to note that you’re not alone.

Over the last few months, many homeowners have been struggling to meet their mortgage payments due to various circumstances. And lots of them have been finding solutions to their problems that don’t require them to go through foreclosure. If you’re one of these people, don’t bury your head in the sand! When foreclosure is looming on the horizon, it’s important to take quick action because there are still options that you have at your disposal, and that could help you avoid the long term consequences of foreclosure (both financially and emotionally).

Below, you will find a few steps that you can take to bypass foreclosure. So read on to discover 3 things you can do if you can’t make your mortgage payments in Saint Louis Park MN.


Options to Consider If You Can’t Make Your Mortgage Payments

Read on to discover the most effective options that you can turn to when you can’t make your mortgage payments.


Option 1: Rental

Depending on the condition of your property, renting (in order to cover your payments) is one of the options you may still have available. While this will mean moving to a new location and lowering your expenses, it may also mean that the location is likely to be less appealing than your current home. Be prepared for that.

You should also be aware that as the landlord, you will still be responsible for any maintenance issues or unexpected repairs. To best combat these added expenses, it would be a good idea to build them into the rental charge, while ensuring that your fees remain competitive with the going rates in Saint Louis Park.

Another problem with choosing rental as your method of bypassing foreclosure and mortgage loans is that there is no assurance of how quickly you’ll be able to find someone suitable to rent to. This can be a big issue for you if there is very little time on the clock before the foreclosure due date. Given that you’ll also be carrying the expenses of living in another residence, working out a successful rental contract under time and financial constraints can be extremely stressful, so ensure that you’ve carefully considered all your other options before you decide to rent out your property in order to pay your mortgage loans.

Option 2: Work With Your Lender

Working together with your lender on a refinancing plan (one that is suitable to meet both your needs and theirs) is another choice you can make if you can’t make mortgage payments in Saint Louis Park. It may take convincing your lender that you are dedicated to doing everything you can to uphold your financial responsibility, so you may need to advocate for yourself in this matter. Reach out to your lender, should you come to realize that your budget has new limits that cannot manage the current mortgage payments. By taking the first step, your lender can work with you to see if refinancing is an option for your specific financial picture.

Another option is to consider approaching your lender with a short sale. However, you should be aware, with the option of a short sale, you could still end up owing the difference between your house’s sale price and the amount remaining on your mortgage note. This is known as a deficiency judgment. 

Be that as it may, if it turns out that your lender cannot work out an arrangement with you (based on your situation), there are a few other programs you may wish to explore with the federal government. Naturally, this process will involve meeting certain qualifying criteria. 

Option 3: Sell Your House

Selling your property on your own, rather than opting for a short sale, is another option you can take if you can’t make your mortgage payments in Saint Louis Park.

While you could list your home with an agent, or sell the property as “For sale by owner” (FSBO), there are three main issues with these options when facing foreclosure.

  • Firstly, there are no guarantees on when the sale will take place.
  • Secondly, there is absolutely no promise that your home will actually ever sell on either market.
  • And lastly, but certainly not least, are the expenses involved when listing with an agent or when going FSBO. You will need to have the funds available to cover all of the associated costs well in advance. Unless your home is brand new, there will likely be repairs involved. Consider also the inspections, appraisals, and any possible expenses for unknown issues that may soon be discovered. You will also have to cover the costs of marketing in either case. Should you have chosen to work with a real estate agent, you will have the additional expenses of paying their high commission and associated fees involved in the transaction.

During this process, you will want to keep in touch with your lender, letting them know the action plan you have chosen. As with any relationship, communication is the key to success, so you will want to remain in close contact and keep them posted on all of the steps you take along the way.

Understandably, they will be looking for actions from you that indicate a quick resolution. For this reason, you may wish to consider the time and money-saving benefits of a direct sale of your property, which more often than not takes place as an “as is” transaction.


If none of the other options mentioned above work for you, you should consider selling your house in order to avoid foreclosure. For this, reach out to us at FastPath Home Buyers. The best thing you can do if you can’t make mortgage payments is to sell your house during foreclosure and use the sale proceeds to cover your debt. And here at FastPath, we buy houses! Fast! Learn more about how we can help you by calling us at (612) 351-2384 or by filling out the short form below.

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