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. CNN recently posted this article about mortgage lenders pursuing deficiency judgments. These deficiency judgments have caused people to have to file for bankruptcy, even after they thought …
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. When the housing market was in better shape, people used to be able to easily sell their houses when these situations …
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? In the current economy, this is a common problem. 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”. …
Options for Homeowners in Underwater Mortgages: Saving Your House Read More »
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