You can no longer afford to make your monthly mortgage payments. Despite your desire to pay the mortgage, the money just isn’t there. If you are behind on your payments, the bank may be throwing out terms such as short sale and foreclosure. To make the best of a difficult situation for you and your family, it is important to understand the differences between short sales and foreclosures and how a Minneapolis foreclosure attorney may be able to help you.
What are Short Sales and Foreclosures?
Before you, or your St. Paul foreclosure lawyer, can talk to the bank about what to do with your home, it is important that you understand the terms short sale and foreclosure.
A short sale may occur when a homeowner owes more than the house is currently worth. To satisfy the loan, the mortgage holder (typically a bank) agrees to have the home listed by a realtor. When an offer on the property comes in it must be approved by both the homeowner and the mortgage holder. While a short sale may avoid a foreclosure, it can take some time to complete and may or may not be in the best interest of the homeowner.
Unlike a short sale, a foreclosure does not necessarily result in a property being put on the market. Instead, the bank takes possession of the property and has the right to sell it without input from the homeowner.
How a Minneapolis Foreclosure Attorney May be Able to Help You
If you are behind on your mortgage, it is important to contact a Minneapolis foreclosure lawyer to discuss your situation and protect your rights. Your St. Paul foreclosure attorney can help you understand your options, which may include a short sale, foreclosure, bankruptcy, or other options. If you are in the difficult position of being unable to pay your mortgage, please contact us today at 952.388.2942 or 800.619.8991 to learn more.