If you have received your Notice of Default it means that you are part of the Minnesota foreclosures statistics now. This is the time to act on your own behalf. The clock is ticking and you must gather all the information you have regarding your home. Now you are ready to find some help.
The first step is to begin an inventory of accessible assistance. Fanny Mae and Freddy Mac loans fall under a program that is fueled by billions of tax payer dollars to help with modifying loans. There is no charge to visit with counselors that are experts on this program and will know if you qualify for assistance.
Longer periods to repay your mortgage and a reduced interest rate may be possible through that program. Check to see what resources nonprofit housing partnerships in the state may have for you. Many folks interested in building and buying affordable homes are trying to look out for you.
There are community reinvestment coalitions working in neighborhoods to help people in danger of losing their homes. They will explain your rights and options. This may be your first foreclosure but it is now their first time. They have current experience that may benefit you.
Do some research about ongoing legal actions being taken to protect homeowners. The courts have many cases centered around this issue by lawyers working at nonprofit groups to be your advocate. You may be able to learn or benefit from legal efforts that are already under way in your area.
Efforts are continuing to prove that the average homeowner does not have adequate access to the federal program and making a case for a foreclosure moratorium. This may allow some homeowners the extra time they need to cure their arrears and become current again on their home mortgage.
If you do not have any funds to pay your mortgage then it does not matter if the monthly payment is fair or not. Sure, there were plenty of toxic loans made and unfair procedures that resulted in the risk of losing a home. Lately we have to consider that the runaway unemployment rate or a family medical crisis may be the primary culprit behind a default.
You must determine the type of loan you have on your home. Veterans Administration, FHA, and Conventional loans have different types of counseling services available. Check the Attorney General’s website for additional consumer guidance, assistance, and cautions about consumer predators.
It is critical to be a master keeper of records during the entire process. Make careful and complete notes about everyone you contact because you may need it later. Documenting the conversations and making memos my become key to your success as your navigate the foreclosure process.
There are many groups and organizations across the state that are ready and willing to assist you in finding a solution. They have the latest facts and figures. They will use their experience to counsel and guide you. Take the first step and reach out. It is important to remember that you have specific time frames you must observe.
Take a breath, get organized, call some experts, and get to work to find a way to save your home. You’ve worked hard to be where you are so give your very best personal effort.
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