Foreclosures Help Information

Posts Tagged ‘Minnesota Mortgage’

Mortgage Foreclosures Minnesota

Question: How long can we stay in our home after filing it in with our bankruptcy?

How long can we stay in our home after filing it in with our chapter 7 bankruptcy ? we have not decided jet but, do we have to include our house in our banckrupcy ? we dont think we can afford the payments.
Ok, I am having a hard time finding the answer I'm looking for, hope someone can help. We live in Minnesota
My hubby and I do not want to foreclose on our home, nor do we want to do a short sale, as I hear a short sale is every bit as bad if not worse than bankruptcy. We have a second mortgage as well. If we file bankruptcy and put the house in with that, approx how long will we be able to stay in the home before we get kicked out, and how do they do it? I don't want them to come and slap a yellow sticker on the window like they would in a foreclosure and make it obvious to the neighborhood that we defaulted on our mortgage. Does anyone know how long we will be able to stay, and what will happen to the house when we are forced to leave?

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Answer: Check with your bankruptcy attorney. If you aren't or can't resume payments on it I suggest to leave as quick as possible, allowing the house to be put on the market sooner and hopefully sell sooner. Each day that goes by adds more interest to the loans you have on it & increases the money you won't or can't pay.

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Mortgage Foreclosure Minnesota

Question: people going into foreclosure in minnesota, advice?

I am going into foreclosure in minnesota and being I have 2 mortgages out (20/80), the one that I got behind on was the 80 being it wasn't a fixed rate and it was a bigger payment, and also due to my husband not giving me money on time to make the payment, so we gradually fell behind beyond what we could get caught up with. I have been keeping up with my smaller payment however which is $430, but being my house is getting foreclosed on anyways, should I keep making this other mortgage payment or not? I need to know from someone who has had this same experience or in my situation please.

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Answer: you need to seek a mortgage modification loan from your lender if at all possible talk with them. If not then you are going to default on both loans so paying may help with any balance owed so yes you can keep paying or default entirely on both

Mortgage Foreclosure Issues

Mortgage Foreclosures In Minnesota

Question: What to do???? My landlord is not paying the mortgage on the house and we have a VERBAL LEASE ?

I live in Minnesota, and I moved into a house for a friend that had renter issues. I offered to move in, and for the past two years have been paying the rent. With me and the people who live here, I'm positive we are giving him more than enough to pay the mortgage....

The other day there was a lady who stopped by to inform us that this house is on the verge of foreclosure.

I understand it's time to find a new place to live, but what are my rights? Do I have any? I'd love to stay here, but I certainly don't want to buy it to do so. Any suggestions, please help?!?

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Answer: You have no rights to the property. You simply need to move.

Commercial Mortgage Loans in MINNEAPOLIS, MINNESOTA