Options for Missed Mortgage Payments in Minneapolis, Minnesota
Getting behind on your mortgage is an extremely stressful situation. If you are wondering what your options are, you have come to the right place. Please keep in mind the options in this blog are general ideas for mortgage arrears and are not specific advice. You should speak to a licensed attorney for advice on your specific situation.
One option if you are behind on your mortgage payments is a chapter 13 bankruptcy. A chapter 13 bankruptcy, generally, will allow you to spread your mortgage arrears out over the 3 to 5 years of your case. During this time as long as you are making your bankruptcy plan payments and on-going mortgage payments on-time you cannot be foreclosed on. If you are currently being foreclosed on bankruptcy may be a good option to stop the sheriff’s sale. When a bankruptcy case is filed the automatic stay goes into effect, this stops collection efforts, including sheriff’s sales. Time is of the essence with foreclosures, if you have a pending foreclosure make sure to reach out for advice on your options as soon as possible.
Another option is to see whether you qualify for any sort of assistance through your mortgage company. This usually takes some time to do, as you likely will need to complete an application and provide documentation. Mortgage companies will sometimes work with their customers on loan modifications, which usually adjusts your current mortgage payment but takes care of the arrearages you owe.
You could also see if you qualify for any sort of state mortgage assistance. Currently, in Minnesota, MN Home Help is assisting with mortgage arrears, if you qualify. There are other state programs that may help too.
CALL NOW FOR A FREE STRATEGY SESSION FROM A MN BANKRUPTCY LAWYER AT LIFEBACK LAW FIRM
If you have any questions about bankruptcy and how it may help your mortgage arrears, visit www.lifebacklaw.com to speak with an attorney. You will be glad you did!
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