• What will happen if I’m behind on my mortgage payments?
Your property will go through a foreclosure process. There are ways to prevent this, however. You can do something to stop foreclosure.

• What’s the best thing to do when I’ve missed a few of my mortgage payments?
Don’t lose no more time, get a professional help. By taking a concrete action to solve your problem, you’ll have a much better chance to avoid foreclosure. The next best step to take is to contact your lender and try to explain your financial situation. This will help your case and also make your lender understand your financial issues which impede your payments. This may also lead your lender to find a “work out” resolution, or begin modifications to your loan.

• What is “work out” resolution?
It refers to an agreement wherein you will continue paying your mortgage dues on a certain period of time. Or it may also mean a modification to your loan in which your interest rate will be lowered, or extend your loan period agreement resulting to a lower payment.

• My property is already undergoing the foreclosure process. Will I still have enough time?
The answer is 50/50. It all depends on your lender actually. We can help to discuss with your lender the Short Sale option, and try to convince him of the long term advantages of taking this win/win solution. So although there are no guarantees, but it will still be worth a try. In Minnesota, if the property does go to the Sheriff’s Sale, the homeowner will be given a redemption period of 6 months. This gives us enough time to negotiate a Short Sale. Contact us for more details.

• How long will a Short Sale take?
The negotiation process of Short Sale is a (relatively) lengthy one. The average completion of the entire transaction may typically take for 3 to 6 months. There are several layers of bureaucracy, investors, and insurers that most lenders have in their system. We will have to go through them for an approval of our Short Sale. So taking this process also requires patience and skills.

• Can I stay in my house once the Short Sale process is complete?
No. The law will not allow you for that. We always recommend our clients to find a new place to stay as soon as possible. It will be hard to find a place if you wait longer.

• How do I ensure this will work?
There’s no definite assurance, really. And we won’t make a promise that this will certainly work out. By the time you missed a payment, your Lender is automatically in charge of your property and can foreclose if they want to. However, we can help you get the best chance to avoid foreclosure. You have to understand that lenders don’t also want to foreclose as they will also lose lots of money in the process. If they get a better offer for a solution, they will get it. That’s when we come in and truly convince them of our offer. We are pretty good at what we do. But still we CANNOT PROMISE whether your lender will accept a Short Sale in MN or not.