Home Ownership CenterHome Ownership Center

 
At the Minnesota Home Ownership Center, we understand that your home is probably your most valued investment… and that ‘home’ means so much more than just a building.  With today’s economic and mortgage concerns many Minnesotans are struggling. Some are facing a rising mortgage payment or loss of income; others are working to balance their mortgage with the rising costs of gas, food and other needs.
 
If you are concerned about maintaining this balance and staying in your home, you’re not alone. Here are some options that may help:
 
 

1. Speak with a Certified Housing Counselor (Foreclosure Avoidance Counselor)

 

If you are feeling the pressure to keep up or are worried about your existing mortgage changing, you are not alone.  Specially-trained counselors can provide information on the foreclosure process and offer you personalized assistance to identify options you may be able to access to become or stay current; help you develop a household spending plan, or even negotiate on your behalf with your lender or servicer for re-payment strategies or a loan modification.  Counseling services are FREE, confidential and there are no income requirements.

 

To find your local Housing Counselor, click here.
(Click To Find Your Local Housing Counselor)
 
 

2. Talk to your lender

  

As difficult as it may be to believe… your lender does not want to foreclosure on your property.  For the lender, foreclosure is expensive and is almost always their last option.


Open your mail and call your lender.  When you call, ask to speak with the ‘Loss Mitigation Department’ or someone authorized to offer you ‘workout options.’  Have all your loan documents, monthly expenses and other financial information on hand.  Be prepared to take notes and give honest answers.
 

The Minnesota Home Ownership Center has prepared additional documents that may help you in working with your lender:
 

Tips for Working with Your Lender (Fact Sheet)

Understanding Workout Options
 

3. Understand the Foreclosure Process in Minnesota

  

Minnesota state law determines the steps that a lender or lienholder must take in order to foreclose on a residential property.  The MN Home Ownership Center has created a document to help you understand the timeline. 

 

To view the document, click here.
 
 

4.  Attend a 'Borrowers Workshop'

  

Frequently, the MN Home Ownership Center and our partner organizations host in-person workshops that explain the foreclosure process, offer the opportunity to ask questions and meet with a Housing Counselor and even, in some cases, offer the opportunity to meet with lenders and servicers to discuss workout options.


To learn more about upcoming workshops for homeowners, visit our ‘Events for Homeowners’ page here. 
 
 

5.  Explore Other Options

  

In Minnesota, homeowners have options that may not be available in other areas of the country.  To determine if any additional options may help you avoid foreclosure, we recommend you speak with a Housing Counselor.
 

Additional options include:

Foreclosure Postponement in Minnesota

Understanding the “Making Home Affordable” Program

Additional Fact Sheets That May Help

 
 

5.  What To Do If You Can't Keep Your Home

  

Sadly, there are circumstances where nothing can be done to avoid foreclosure.  Before you assume that this is true in YOUR situation, speak with a non-profit Housing Counselor for a free assessment of your situation.


Here are some links to additional information:

Speak with a Certified Housing Counselor

Your Rights During Minnesota’s Redemption Period

Rental Resources (External Link)

Possible Legal Issues AFTER a Foreclosure

 

 

 

 

 

 

 

 

 

 

Financial Assistance

If your home is located in Ramsey, Dakota or Washington Counties, you may be able to receive financial assistance AFTER a foreclosure to help with moving / rental (Re-Housing) expenses.  For more information, speak with a certified Housing Counselor or click here. 

 

 
 

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