Avoiding a Foreclosure in Minnesota
Analyze the situation
The first step to avoiding a foreclosure is to look at where you are in the process. Are you behind on payments? Are you underwater on your mortgage? For doing Short Sales in MN these are the initial items we need know. If you can't afford to keep your current home generally there are some very good reasons why. As Short Sale Experts in Minnesota we have evaluated hundreds of situations with homeowners who need to sell but have what they feel is a hopeless situation. For the most part the reasons we see people wanting/needing to sell their home to avoid a forelcosure are valid hardships. Therefore the situation is far from hopeless.
Determine the hardship
A hardship is a material change in a homeonwers situation (usually financial) that prvents them from being able to afford the mortgage payments. This is the key ingredient to qualifying for a short sale which will allow a seller to avoid a foreclosure if they cannot keep the home. Some of the more common hardships are Reduction of income, Job Transfer, Job Loss, Divorce, variable interest rates, growing family, and many other unique situations.
Get a plan
Once you have established the fact you need to sell the home to prevent foreclosure, get a plan in place right away. Do not wait to take action, call an expert who can help you with the process. The banks and their short sale process's are complex and unless you have done it many times before you should not attempt to work with them alone. Call someone who has a short sale certification like the CDPE (Certified Distressed Property Expert) or another designation focused on short sales and distressed properties.
For Minnesota Homeowners who want to Avoid Foreclosure, visit www.MinnesotaShortSaleTeam.com or call 952 943 1324.
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