5 tips on Avoiding Foreclosure
If you're having trouble paying your mortgage payments, you have some options. There are organizations out there than can help, but be sure they are reputable organizations, and not some fly-by-night scam artist who will take the little money you have set aside for emergencies! If it looks like you're getting into trouble (into trouble means as little as a late payment on your mortgage) here are some steps for you to take:
Organize your finances, reduce expenses and save money. Sometimes just going through piles of mail you've let stack up and puting a system in place to pay those bills every month can help you stay on top of things!
Communicate with you lender. Believe it or not, your bank will likely want to help if you communicate with them early. If you wait until you're in default of your mortgage, they may be less willing to help. Banks do not want to be in the real estate business. Call your lender and communicate with them.
Don't agree to something you cannot afford.
Protect your equity and beware predatory lenders. Avoid using the equity in your home to pay for cars and vacations. Protect your equity and use it for wise investments in your home, not for luxury items.
Contact a Mortgage Foreclosure Prevention Counselor. See below.
North or North East Minneapolis
Northside Residents Redevelopment Council at
612-335-5924 x1140
South and South East Minneapolis
Twin Cities Habitat for Humanity
612-331-4090 x3
If you live outside of Minneapolis, call Minnesota Housing Finance Agency 651-296-8215