MN homeowners, like so many other states, are facing this same dilemma. What should I do? How do I protect myself? What is the best recourse for my own personal circumstances?
- Should I refinance under HARP?
- Should I modify under HAMP?
- Should I try to short sale my home? Heck, what IS a short sale?
- What about foreclosure?
Before you go down any of these roads, EDUCATE yourself first. Align yourself with experts. Knowledge is KING.
Any of these possible solutions can bring risk.
- If I refinance under HARP, what kind of loan program will I be put into?
- If I modify under HAMP, how does that affect my loan and what are the terms?
- If I short sale, what about deficiency judgments? How do I know if I have an experienced agent? Who negotiates with the bank and what is their track record of success? Will it hurt my credit and how much?
- Who can tell me about foreclosure and the upsides/downsides?
If you don't know, ask. If you don't know who to ask, ASK ME. As a consumer advocate and industry professional I can offer guidance and the best resources available. What does the MN Mortgage Mom get out of this? Reassurance that you have the information you need to make educated decisions and are in the best possible hands should a short sale be your solution. And there in lies a lot of peace for this "Mom".