Though the housing market is rebounding, many people in Minneapolis] are still struggling to make their mortgage payments. If you’re having trouble keeping up with your monthly mortgage payments, you may also be fearful that your mortgage provider is going to foreclose.
Thankfully, there are a number of steps that you can take to avoid foreclosure in Minneapolis. It’s important to remember that quick action on these steps is absolutely paramount, and could save your credit rating, or even your home.
So lets dive in to how to avoid foreclosure in Minneapolis.
The Keys of How To Avoid Foreclosure in Minneapolis Don’t Abandon Ship
Many people simply give up and walk away from their home, before they have even tried. There are many areas in Minneapolis that have begun to resemble ghost towns because of this.
Detroit is a prime example of what can happen when people abandon their homes.
This can be a stressful situation, but it’s extremely important to keep your wits about you. A foreclosure will have a huge negative impact on your credit score, and likely prevent you from purchasing a home for years to come. If you sell your home, you could leave a portion of the loan unpaid, and the lender could pursue legal action against you until the debt is completed.
While it’s extremely stressful, you do have options:
• Negotiate with your mortgage lender. Banks and other financial institutions are well aware that citizens of Minneapolis are struggling. If you haven’t missed a payment yet, you may have some leeway to renegotiate the terms of your loan. This could allow you to reduce the size of your monthly payments, and pay the total fee owed over a longer time. Banks don’t like foreclosing on homes; because of this, they may be willing to work with you if you aren’t too far behind. You may be offered forbearance, or even a full loan modification.
• Ask for help from Uncle Sam. Over the last five years, the federal government has implemented a number of programs to help struggling homeowners. The Home Affordable Modification Program (HAMP) allows struggling homeowners to modify their loans, reducing monthly payments. The Home Affordable Refinance Program allows homeowners who are current on their mortgage payments to refinance an adjustable rate mortgage into a low-interest, fixed rate loan. Both of these programs are subject to eligibility requirements.
We understand that the possibility of losing your home can be stressful. You aren’t alone. Citizens all over Minneapolis are going through the same troubles. Foreclosure can have a lasting effect on your financial life, and it’s important to move quickly and take advantage of any options available. You could save both your credit rating and remain in your home.
We may be able to help you avoid foreclosure… connect with us today and we will begin discussing your situation. We don’t charge any fees… we’ll evaluate your situation… and present you your options so you can move forward and get this foreclosure behind you.