When you have been threatened with a Foreclosure Cottage Grove MN of your home, you might find it difficult to think about anything other than losing your home. After all, where will you and your family live? While it is overwhelming, you cannot just sit around and panic if you want to save your home. There are steps you can take to stop a foreclosure, but you have to act fast.
The first thing you need to do is find legal help. Contact a law firm such as Lamey Law Firm and explain your situation to them. Just let them know that your home is being foreclosed on and you have nowhere else to go. The lawyer can try to cut a deal with the lender in order to get them to stop the foreclosure so you do not lose your home. The key to making this work is to involve an attorney in your problem as soon as possible.
One more dramatic solution that your attorney might suggest is filing bankruptcy. You could file Chapter 13 bankruptcy and the foreclosure process would halt until the bankruptcy process is completed. Once you file bankruptcy, you are placed in an automatic stay, preventing creditors from doing anything to get the money you owe them. The purpose of a foreclosure is to sell the home to get the rest of the money that you owe the lender. This means that it would be illegal for them to continue with the process during your period of automatic stay.
You need to make sure you keep the lines of communications open with your lender. One of the biggest mistakes people make is not responding to letters or answering phone calls because they do not have any money. It is going to make you look better to answer that phone call and tell them you are doing what you can to get the money. When you avoid their phone calls, it makes you look bad. Your lender could be understanding and willing to give you more time if you explain your situation. They are not mind readers. They cannot know what you are dealing with if you do not make them aware of your situation. Visit http://www.brokemn.com for more information.