When a homeowner is worried that they might lose their house to foreclosure, they are usually also worried about whether their state is a “recourse” or “non-recourse” state. In a non-recourse state, if the funds from the sale of the mortgaged property (the house) are not enough to cover the outstanding debt (the amount the …
As I discussed in my posts about the different options for homeowners in “underwater” mortgages, Minnesota allows for deficiency judgments in some cases. See Minn. Stat. § 582.30. If your house is going into foreclosure, or you think that you may have to short sale your house, please consult with an attorney about it. There …
Deficiency Judgments after Foreclosure in Minnesota Read More »
If you are struggling to pay your mortgage due to a job loss or transfer, illness, or change in life circumstances (such as a divorce), you may not be able to save your house if you are in an underwater mortgage. Homeowners are “underwater” or have negative equity if they owe more on their mortgages …
Options for Homeowners in Underwater Mortgages: When You Can’t Save Your House Read More »
What do you do if you can’t sell your house for the amount that you owe on the mortgage? When you owe more than your house is worth, you are considered to be “underwater” or “upside down”. Another name for this situation is “having negative equity”. This post is the first of two about homeowners …
Options for Homeowners in Underwater Mortgages: Saving Your House Read More »
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