Minnesota Foreclosure Help
Minnesota homeowners who are overwhelmed with debt struggle to meet their payment obligations. In some cases, the money just is not there. When you realize you can no longer comfortably afford your mortgage, contact your lender. Communicating early is key to preventing foreclosure. Various assistance programs allow Minnesota homeowners to tackle and defeat foreclosure.
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Counseling
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HUD-certified counseling agencies in Minnesota provide free or low-cost services to homeowners. Counselors are available to answer questions the lender will not. A counselor can explain the procedure, your rights and how long the process will take. When you contact your lender, representatives and attorneys are working on behalf of the bank to collect the money owed. Counselors are on your side, willing to help you negotiate with the lender to reach a solution. Some common foreclosure prevention options include a forbearance to temporarily delay payments or a loan modification to adjust the loan terms.
Minnesota Foreclosure Prevention Assistance Program
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The Minnesota Foreclosure Prevention Assistance Program helps Minnesota homeowners who encounter financial hardship. Cases are evaluated on an individual basis. Homeowners must demonstrate financial need, but also the ability to resume making payments. If you are approved for the program, a one-time assistance payment is awarded to cover the mortgage payment or delinquent amount.
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Foreclosure Grants
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Sometimes foreclosure is unavoidable. If you are unable to stop the foreclosure and wondering where you will live, the Minnesota Home Ownership Center can help alleviate some of the stress and uncertainty. The St. Paul Foundation offers grants to help families get back on their feet. A grant of up to $2,500 is awarded to a family or individual who has lost a home. The grant is designed to help cover the cost of relocating.
Making Home Affordable Program
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The Making Home Affordable program provides aid to Minnesota homeowners at different stages of the foreclosure process. If you are fewer than 30 days behind on the loan, you may be eligible to refinance at a lower interest rate through the refinance program. For a homeowner who is behind on her payments, a loan modification will lower the interest rate, extend the loan and occasionally reduce the principle, resulting in a lower, more affordable payment. Under the program, a homeowner with a second lien can also receive assistance to eliminate some of the debt.
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