Kenyatta Lockett

Facing Foreclosure in Woodbury MN? 4 Things You Need to Know

The foreclosing of your house can be a troubling time because you are likely caught in a situation where you feel helpless and do not know what to do. Before your house gets foreclosed, there are a few measures you can take to stop the process. Visit website for more details.

But before you do, you should avoid the most common mistakes with foreclosure:
Avoid Making Irrational Decisions:

  • Do not sell your house at a discount. Selling your house at a discount to a buyer could you put in financial turmoil because you will end up losing more money, considering hiring an independent lawyer first before you make any decisions.
  • Do not deed your property to a third party. You need to claim that your debts have been paid off. If you deed your property to a third party, then they may have the right to sell the house for profit because they will not inherit your mortgage payments. Hiring an independent lawyer is a must in this case.

Facing Foreclosure in Woodbury MN? Consider these four last ditched efforts:

  • Before you settle for the foreclosure in Woodbury MN, check to see if you settle for (HAMP), which is Home Affordable Modification Program. This program may allow you to refinance at a lower interest rate, which might save your home. Do not go down without a fight first.
  • Consider a short sale. This means you will sell your house for a little less than what is owed on the mortgage. Yes, your credit will take a hit; however, it will not take as big of a hit as if you were to claim foreclosure.
  • Consider a deed of lieu of foreclosure. This process is much less invasive than a typical foreclosure; however, it will still make a great impact on your credit. If you have no other options, consider this one.
  • Communicate with your lender. If you talk to your lender, then you may be able to sort out a payment plan. Avoiding the phone will only sink you further into debt and stress.

Overall, if your house is facing foreclosure, there are a few last minute measures you can take. Avoid the common mistakes that most people make when their home is going through foreclosure. Relax and follow these few steps to make a last effort you save your house. If you have questions, you can contact an attorney such as those at the Lamey Law Firm Woodbury MN.

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