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You remember, with pride, the day you closed on your house and were given the keys to your new home. For many people, it was the beginning of the American dream. You owned a home. You set down roots for your family. Your children could attend school in the district you wanted. Now, it is all in jeopardy. You find yourself in the situation that so many Americans find themselves in now. You have overwhelming debt and you are unable to make your mortgage payments on time. The bank is threatening foreclosure. If you don’t take action now you will lose your home. However, there are actions that you can take with the help of a Minnesota foreclosure lawyer to try to keep your home. How a Minnesota Foreclosure Attorney May Help You If your goal is to keep your home, then your Minneapolis foreclosure attorney will work hard to help you achieve that goal. Filing for Chapter 7 or Chapter 13 bankruptcy relief, for example, could help you keep your home, as the relief you get from your other debts may leave you with enough money to pay your mortgage. At the very least, filing for bankruptcy will halt the foreclosure process so you can get the advice that you need from your Minnesota debt relief lawyer and make the plans that best suit you and your family for the future. When to Contact a Minnesota Foreclosure Lawyer It is important to understand that the bank [...]
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 [...]
If you are facing foreclosure in Minnesota, there is one fact that is important for you to know: You are not alone. You may not know of anyone who has faced foreclosure, and foreclosure may not be something that is often talked about in your circle of friends or in your workplace. However, others whom you know and respect may also be facing foreclosures. It is important not to let your feelings about foreclosure cloud your judgment. Instead, know that foreclosure is a business decision made by banks against you and others, and contact an experienced Minneapolis foreclosure attorney to discuss your rights and options. Foreclosure is a Problem for Many American Homeowners and Families Need more proof that you are not alone? Consider the following statistics based on information from the Mortgage Bankers Association and reported by the FDIC: One out of every 200 U.S. homes will be foreclosed. Every quarter, approximately a quarter-million new families enter foreclosure. Approximately 1 child in every United States classroom is at risk of losing his or her home because his or her parents are having trouble making mortgage payments. Of course, you don’t want anyone else to suffer the financial stress you are currently facing, but it is important to know you are not alone and others are facing similar situations. How to Contact a Minneapolis Foreclosure Attorney for Help Just as you are not the only one to receive a foreclosure warning, you should not be alone when [...]
Someone from the bank has called your house numerous times. The word “foreclosure” has been mentioned. What does it mean? Are all Minnesota foreclosures the same? How can you know more about your rights, and when is it time to contact a Minneapolis foreclosure attorney? Let’s answer that last question first. The time to call an experienced and empathetic Minneapolis foreclosure lawyer is right now. Your attorney can help you understand how a foreclosure of Minneapolis property might occur in your case and inform you of your legal rights and possible alternatives. Judicial and Non-Judicial Foreclosures in Minnesota Generally, there are two types of foreclosure that could occur if you are behind on your Minnesota mortgage payments. One is called judicial foreclosure and the other is called non-judicial foreclosure. Judicial foreclosure occurs if your mortgage document does not contain a power of sale clause, or give the lender the right to proceed with a non-judicial foreclosure. In a judicial foreclosure, the lender is forced to file a lawsuit and get a court order to auction off your home. A non-judicial foreclosure is different. If your mortgage documents allow this type of foreclosure, then you have already agreed to let the lender auction off your property if you default on the mortgage. Of course, non-judicial foreclosures are also subject to specific regulations, and the lender must comply with those regulations. You do have protections. A non-judicial foreclosure may only occur if a lawsuit involving the mortgage is not filed, the [...]
The foreclosure on your home has already happened. You may feel frightened, embarrassed or even unsure about what to do next. It may seem like your life is in turmoil and that your home is unrecoverable. However, your rights do not end on the day of the sheriff’s sale. Instead, you have entered what is known as the foreclosure redemption period in Minnesota, and you may benefit from understanding your rights and when to call a Minneapolis foreclosure attorney. Your Rights During a Minnesota Foreclosure Redemption Period Typically, the redemption period following a foreclosure lasts six months. However, it may be extended to 12 months or shortened to as little as 5 weeks. The exact time of the redemption period should appear on the sheriff’s notice of sale. During this redemption time, you have the right to: Live in the home. Pay off the entire balance of your mortgage and own the property, despite the sheriff’s sale. Sell the home and retain any equity. In other words, a sheriff’s sale does not necessarily mean that you must vacate the property immediately. You may still have the option to live there temporarily, or permanently. When to Call a Minneapolis Foreclosure Attorney It is important to contact an experienced Minneapolis foreclosure lawyer immediately if you have received a foreclosure notice or if the sheriff’s foreclosure sale has already occurred. Your attorney will advise you of your rights and help you make the decisions that are right [...]
Bankruptcy law provides people with options. If you are overwhelmed by debt and have a regular job, then you should talk to your Minnesota bankruptcy lawyer about your different options. You may be able to choose between filing for Chapter 7 bankruptcy protection or Chapter 13 bankruptcy protection. Chapter 7 and Chapter 13 are very different and will have different effects on your life. Below, our experienced Minnesota bankruptcy attorneys describe some of the important differences. 3 Major Differences Between Chapter 7 and Chapter 13 Bankruptcies Some of the important differences between these two forms of bankruptcy include: Eligibility Chapter 7: An individual may be eligible for Chapter 7 bankruptcy if he or she makes less than the median Minnesota income or if the filing is found not to be abusive. Chapter 13: Chapter 13 bankruptcy protection is only available to debtors who have regular wages and who owe less than certain amounts. What Happens to Your Property. Chapter 7: In a Chapter 7 case, property is classified as exempt or non-exempt. Exempt property is property you get to keep, and non-exempt property is used to satisfy your debts. Chapter 13: Chapter 11 bankruptcy does not classify property the same way, because property is not used to satisfy debt. Instead, a repayment plan is developed that has a bankruptcy petitioner pay a regular amount to creditors over the course of the plan. How Long the Bankruptcy Takes. Chapter 7: Chapter 7 cases are discharged rather quickly, because the debts [...]
There has been so much uncertainty and stress in your life recently. Before you make any decisions about the future, you understandably want to know what’s going to happen to you next. Before you make the important decision to file for Chapter 13 bankruptcy protection, you deserve to understand what to expect. In this article, our experienced Minnesota bankruptcy attorneys share an overview of how a Chapter 13 bankruptcy case works. To find out how Chapter 13 might work for you, please call our office directly to speak with a Minnesota bankruptcy lawyer. How Chapter 13 Works When you and your Minneapolis bankruptcy lawyer file your Chapter 13 bankruptcy petition, a bankruptcy trustee will be assigned to your case. The trustee will make sure that you are eligible for Chapter 13 protection and will oversee the development of your repayment plan. You and your lawyer will have a set amount of time to file a proposed repayment plan with the Court. After that, a creditors meeting will be scheduled and a final repayment plan will be approved. Once the plan is approved, you will need to make payments according to the terms of the plan. Typically, payments are made once or twice a month for the 3- to 5-year term of the plan. Once you have satisfied all the terms of the repayment plan, a bankruptcy discharge is possible. How to Contact a Minnesota Bankruptcy Lawyer to Learn More Chapter 13 individual bankruptcy cases are complex and [...]