subject: Loan Modification Programs In Minnesota: The Minnesota Home Ownership Centre [print this page] The Minnesota Home Ownership Centre runs fifty non-profit government and quasi-government organisations within the local communities of Minnesota. One of its primary tasks is to help home owners in financial difficulties in Minnesota to avoid foreclosure. They are especially of value to low and moderate income earners. They are also vital to anyone who is still ignorant about what sort of assistance they require. They are, in fact, a very important centre where you can learn about buying property, mortgages and all the pitfalls, and how to help yourself: to prevent yourself from getting into difficulties, and if you do, how to help yourself out again.
They are also willing to assist people who in their professional capacities want to help other people going through financial troubles. These may be social workers, church workers or employers concerned about their employees. To this end they provide informative presentations and newsletters, flyers and fact sheets about all aspects of foreclosure avoidance.
The Minnesota Home Ownership Centre offers free advice, information and education about foreclosure avoidance as well as free guidance through the loan modification process. They will also advise you as to the reputability of a foreclosure avoidance company whose services you may be interested in. The more you can learn about foreclosure, mortgages, the rights and responsibilities of yourself, your lender or banker, and any third party who assists you, the better you can avoid scams and successfully avoid foreclosure.
Among the warnings they regularly issue to people in financial trouble with their mortgages is to be wary of anyone who offers to help you, and:
demands upfront fees for loan modification
makes promises that cannot possibly be true
acts as a go-between for you with your lender or banker and encourages you not to communicate with them yourself
charges money for liasing with your lender, bank
advises you to halt your normal monthly mortgage payments
offers to pay your money in for you to the bank in your stead
tries to persuade to sign over temporary ownership of your property
You need to check for certification and license of any company whose assistance you pay for. The Minnesota Home Ownership Centre will help advise you about this.
You should preferably make use of the services of a Minnesota based firm, as the laws in different states differ. If you choose a Minnesota licensed firm you will know that your affairs will be arranged in harmony with Minnesota law.
There are all sorts of other ways to avoid foreclosure, apart from loan modification. You should become informed about what they are and how they work before you seek assistance from a paid foreclosure avoidance expert or company. This information is freely available from the Minnesota Home Ownership Centre and when you know all about it, you will also be able to make a wiser choice of companies, should you require their help.
