70. Help For Foreclosure In Minneapolis MN – 3 Ways To Avoid Foreclosure

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Few things are more devastating to families than the prospect of foreclosure. This is especially difficult when you’ve lived in your home for many years and have developed strong attachments and memories on said property. You love your house, and it’s served you well. Yet, due to unfortunate circumstances, you may be faced with losing it. For local families facing foreclosure in Minneapolis MN, the initial stress is unbearable. However, to make it worse, the foreclosure process can take months or even years, stretching out the pain for longer than anyone could possibly be able to bear.

Fortunately, no matter where you may be in the foreclosure process, you’ll still have options open to you. Perhaps more options than you realize. There are many strategies for avoiding foreclosure that are open to you. And these could help you avoid foreclosure altogether, or at least weather the storm (so you can get out the other end with minimal damage to your credit score). These are legal strategies you can implement to help you resolve your foreclosure issues quickly so that you can move on with your life.

In this blog post, we’ll cover 3 of the main strategies that you can employ, in order to avoid foreclosure. The goal of these strategies is to help you legally and ethically avoid foreclosure. They also work to reduce the pain and frustration that you’re facing while minimizing any long-term financial commitment or burden to you. Not all of these strategies will apply in every situation, but you’ll probably be able to find at least one of the three that could be a possible solution to your specific problems. However, with all of these options, one thing remains constant. Time. As such, it’s important to implement these options as quickly as possible. Waiting too long could make them less effective when it comes to combating foreclosure.

*Please note that there are other ways to avoid foreclosure as well. Contact us for a 100% free consultation, if you’d like to learn about all the other options that you may have open to you.


Top Strategies to Avoid Foreclosure in Minneapolis MN

Read on to discover our top strategies for avoiding foreclosure in Minneapolis MN.


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Strategy #1: Work out a deal with your lender

The first strategy is called a “foreclosure workout”. In a foreclosure workout, you’ll sit down with your lender and explain your situation. This includes telling them about your inability to follow through on your current mortgage payment agreement due to new financial constraints and limitations. However, you also need to make sure that you express your commitment to do whatever you can so that you pay back your debt. If they don’t sense this commitment from you, they won’t agree to restructure your mortgage agreement.

Contrary to popular belief, lenders don’t want to foreclose! They play in the money game, not the real estate industry. As such, they are happy when customers pay their mortgage loans, and will usually help you to ensure that you continue with your payments. This might include a temporary reprieve on your monthly payments, or it might include a catch-up strategy (where your outstanding mortgage payments are spread out over a longer time). They might even agree to a restructuring of the outstanding amounts that you owe.

Strategy #2. Bankruptcy

Filing for bankruptcy may seem like an extreme measure, but it is one of the best “tools” that you can consider in order to avoid foreclosure. When you file for bankruptcy, you indicate to all of your creditors that you are no longer able to pay your bills. Filing for bankruptcy will put a stop to the foreclosure process because all of your creditors will be required by law to stop the collection process.

Though filing for bankruptcy may be a good option to avoid foreclosure, it also involves a lot of negative aspects. As such, it is often seen as a little extreme. It will require you to sell off some of your other assets, in order to pay off your creditors. And bankruptcy will remain on your credit score for many years. This effect will probably be as bad as going through foreclosure would have been. Your entire financial future will be affected, impacting everything from your ability to get a loan for a new car… to your ability to secure a job. So this definitely shouldn’t be your first line of defence!

Strategy #3. Short sale help for a foreclosure

A short sale is your third option. This is where you sell your home and use the proceeds of your property’s sale to pay back your debts. A short sale is a preferred option for people facing foreclosure because it is proactive, fast, and extremely effective.

  • It’s proactive: it allows you to take matters into your own hands and reduce stress (because so much of the stress associated with foreclosure comes from your lack of control).
  • It’s fast: if you choose the right sale option (such as selling with a reputable investors company like ours), you can sell your home in as little as a week! This allows you to deal with your foreclosure issues quickly and efficiently.
  • It’s extremely effective: a short sale can completely wipe out (or almost wipe out) the amount owed on your mortgage. If there is any amount left over that is not covered by the sale of your property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).

With a short sale, you still end up with the reality of having to leave your home. But this strategy ensures that you leave on the brighter side: The impact to your credit is much less (compared to a bankruptcy or a foreclosure) so this is a smart long-term option for avoiding foreclosure.


Are you currently facing the threat of foreclosure? If you feel trapped with no other options… you no longer need to worry. We are here to help you! When facing a foreclosure, one of the best options that you can consider ( that will help you avoid the foreclosure altogether) is to sell your house, then pay back your debts with the sales proceeds. However, selling through the open market can be difficult (working with an agent will cost a lot of money, and typically takes 3-6 months). Be that as it may, you still have an easy option. You can sell directly to us, here at FastPath Home Buyers.

Here at FastPath, We buy houses in Minneapolis, and throughout the greater state of Minnesota. We are a reputable local company that you can count on. Above all else, our mission is to provide solutions to our local community, by giving local home sellers a fast and easy way to sell their house for a fair price, whether they may be facing: foreclosure, the loss of a loved one, divorce…etc. Here are some key benefits you’ll experience when you work with our company: with FastPath, you get paid in cash and you are able to sell your house “as-is” (meaning in any condition. No cleaning! No repairs!). Finally, we are prepared to close on any deal in as little as 7 days. So Calls us at (612) 351-2384, or fill out a short form to receive an all-cash offer today!

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