What Is A Foreclosure Woodbury MN?

by | Jan 31, 2014 | General


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A Foreclosure Woodbury MN is the process during which a homeowner’s rights to their home are revoked because they failed to keep up with their mortgage payments. If an owner is not able to sell the home in a short sale or pay off the money they owe, they lose the home to a foreclosure. The lender would then sell the home at a foreclosure auction in order to get the money that you owe them back.

The unfortunate truth is that so long as you have a mortgage it is debatable whether or not you can call yourself a homeowner. Technically, you are nothing more than a borrower. The lender owns the home until you pay off your debt. The deed to your home is collateral that they get to keep until you pay off your mortgage completely. For some people, they can end up spending the rest of their life paying off a mortgage.

There are five stages to a foreclosure including missed payments, public notice, pre-foreclosure, auction, and post-foreclosure. It is not until the post-foreclosure that you actually have to worry about moving out of your home. The lender would own the home, but they have no reason to make you move out until they have found someone new to purchase it.

If you are being faced with a foreclosure, then you just need to reach out to a law firm such as Lamey Law Firm for some assistance. The first thing the law firm is going to do is try to reason with your lender and see if they can make a deal so you do not lose your home. This may or may not work. It really depends on how far behind you are in payments and whether or not your lender knows about your situation. This is why it is so important to keep the lines of communication open. You need to answer their phone calls and give them a reason why you are not paying. You could end up having a lender that is willing to work with you as long as you can send some kind of good faith payment. Visit the website for more information.