Loan Modification Programs In Minnesota: what Happens If You Default On Your Mortgage Payment?

If you have fallen victim to these stressful economic times and you simply cannot

make your monthly mortgage payment, you are said to have defaulted.

So something went wrong and you defaulted on your mortgage? What then? This is serious business and you are going to take what are sometimes extreme measures to save your house. Your home is probably the biggest investment that most people make in a lifetime and probably the most significant material one.

Without a doubt the most important thing you can do now is to keep your lines of communication open, especially with your loan provider, through their Loss Mitigation Department. Keeping your home is worth a great deal of fighting, not against the loan provider or bank involved, but with them. Your bank is actually not out to get you at all. However, they have invested a lot of money in you and they need to get that back or suffer serious losses themselves. Your attitude, openness and sincere effort means the difference between a harsh or a helpful attitude on their part.

Most of them are more than ready to help you. If they foreclose on you they also stand to lose a lot of money. The foreclosure sale will probably bring in less than if you can get back on your feet and are able to carry on with your monthly mortgage payments. However, if they see no other way, foreclosure is just what they will have to do.

A big plus in your favour in Minnesota is that you do have a window of approximately two weeks, within which to postpone a foreclosure sale. Make sure you find out exactly what it is and make use of it before it disappears. There will be several steps to follow including completing and filing an Affidavit of Postponement.

It would be a very smart thing to seek out a good foreclosure avoidance counsellor, and he or she should be properly certified. It is most important to communicate clearly and early with your counsellor, as with your bank. Both should know what is going on. You need to be absolutely transparent and open with them and you need a viable plan to put before them to arrange a repayment strategy for the outstanding defaulted payment(s), and get back to your normal current payments. If they evaluate you and your situation favourably, they will be prepared to help and advise you as to your best options. You will have to be prepared to disclose all details of your financial situation, your other debts and commitments, and how you plan to budget your current income. Be wary of unknown counsellors charging heavy fees for this service. Compare different counsellors or Loan Modification firms. Check out websites. Some even offer this initial advice free. Get as many opinions and as much advice as you can, and sift through carefully. The more you educate yourself, the better your chances of saving your home.

by: mike carter

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