money sectionmoney sectionFor most people in the United States, purchasing a new home means getting a mortgage loan from a lender. When borrowers prove incapable of making payments on their mortgage loans, lenders can seize their homes in a foreclosure proceeding. To help people who are in danger of foreclosure on their homes, the federal and some state governments provide foreclosure mitigation services.
When homeowners fall behind on their mortgage payments, foreclosure may be difficult to avoid. Mortgage lenders use foreclosures to take back homes and sell them to recover at least some of their investment. Each state has its own foreclosure laws. If you live in Minnesota and face a foreclosure, the state's laws determine your rights as well as how long the process will likely take.
