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Minnesota Home Foreclosure Lawyer
Twin Cities Debt Relief Assistance
If you receive a notice of foreclosure in the mail, it may be the most devastating letter you will ever receive. There are options when facing foreclosure though, and contacting a Minneapolis home foreclosure lawyer can mean the difference between keeping your house and losing everything.
Foreclosure is the process a bank or other lien holder uses to repossess a piece of property in default by the debtor. A foreclosure notice does not always mean that you will lose your home. There are options available to you. When facing foreclosure you can:
- Pay in Full. Very few people have this option available to them due to financial constraints. If you do, however, have the money to pay off your loan, this is an excellent option.
- Modify the Mortgage. You may be eligible for a modified loan with lower interest rates and longer payment terms, allowing you to make affordable monthly payments.
- Apply for Federal Assistance. The government offers a number of assistance programs to help home owners in crisis. For example, you may be able to apply to refinance your mortgage through the Federal Housing Agency.
- File Chapter 13 Bankruptcy. A Chapter 13 bankruptcy allows you to set up a reasonable payment schedule payable over the next 3 to 5 years. This option is available anytime prior to the law day or home sale date. To file for bankruptcy, you will need to contact a Minnesota home foreclosure lawyer for help.
- File Chapter 7 Bankruptcy. This option will provide you temporary relief from foreclosure, as it will eliminate credit card debt, installment loans, payday loans, medical bills and other unsecured debt from your record. In most cases, you can keep your home, and with these other debts gone, you may be able to afford mortgage payments again. However, this option will not provide you with lower mortgage bills. If the bank sells your home, you may eliminate your mortgage if the home is sold for less than you owe. Before you consider this option, contact a Minneapolis bankruptcy attorney, as Chapter 7 bankruptcy cannot stop a lien holder from foreclosing on your home.
Whatever opportunity seems right for your circumstances, feel free to discuss your options with a Minneapolis home foreclosure attorney before making a decision. Don’t make a rash choice when your home and your future are at stake, a lawyer from our firm can be a helpful step in choosing the option that correctly suits your circumstances. We offer debt relief assistance to all residents in the Twin Cities and surrounding areas.