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 »
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