It is hard to get a handle on the foreclosure situation. One day we read that foreclosures have gone down, the next we read that the foreclosure rate is going up. Either way we do know that there are people who are behind on their mortgage payments and they need help and that there are still homes out there owned by banks that have not been put on the market yet.
Foreclosure has become far too common in recent years. There is help for some but not for those who wait until they are several months behind on payments before they ask for help.
There is an organization that can help and that has helped people avoid foreclosure and that is the Minnesota Home Ownership Center. Their web site is packed with useful information and they have a staff of qualified councilors who can help.
There are foreclosure scams out there. The Minnesota attorney generals website is a great place to learn about them and avoid them.
Also beware of the real estate agent that is a short sale expert. It is always in a real estate agents best interest to sell a home. That is what we do and how we make money. Short sales are not always in your best interest.
If you need to walk away consider giving the bank a deed in lieu of foreclosure which is giving the house back rather than having the bank go through the foreclosure process. Keep in mind that your mortgage agreement is a two way contract and that is that if you don’t make the payments they get the house.