St. Paul Minnesota Foreclosure Help, Defense, Laws and Process


St. Paul is the business hub of the Upper Midwest. Owning a home here is great for those running businesses here. Through mortgage help, citizens of Minnesota can become home owners. But with the recent recession, unemployment has been on the gradual rise and more people have lost their homes through foreclosures. If you find yourself at risk of facing foreclosure or are already undergoing it then you need to keep in mind that government help is available to you.

Government assistance can help you search available avenues to take in order to help you prevent foreclosures. By contacting the nearest HUD- approved Housing Counselor you will gather information that could see you reinstating your loan or help you prevent foreclosure all together. The Counselor is made available to you in order to provide information that will educate you on your rights as a mortgage owner and information on prevention measures you can take to help you prevent foreclosure. Government help is available to assist you at the lowest charge.

If facing foreclosure time is of the essence. Do not procrastinate and think that the problem will solve itself. You must act fast and accordingly. Remember the faster you contact your lender on your financial problems, the higher the chances he’ll agree to re-negotiate the terms of the contract. Loan modification has been a solution to many people facing foreclosures.

Stop Foreclosure in St. Paul Minnesota

If you’ve talked to your lender and sought the advice of your foreclosure avoidance counselor and you still can’t make your mortgage payment then the following guidelines will help you stop foreclosure in St. Paul Minnesota.

  1. Don’t ignore the problem. The further behind you are on your payment the harder it will be to reinstate the loan.
  2. Lenders do not want your house and because of this if you provide options in paying the loan then they are likely to take it up.
  3. Know your mortgage rights through the state’s government housing office.
  4. If possible use the valuable information on prevention options.
  5. Contact a HUD-approved housing counselor.
  6. You should prioritize your spending. Home loan repayment should be a high priority.
  7. Avoid the foreclosure prevention companies

St. Paul, Minnesota Foreclosure Process

The law in St. Paul, Minnesota stipulates that both the judicial foreclosure and non-judicial type of foreclosures be recognized. The judicial foreclosure is used when no power of sale clause is included in the loan documents.

The non-judicial foreclosure process occurs when a power of sale clause exists in a mortgage. Due to this clause the lender through his attorney has power to sell property to pay the defaulted amount. The following process is undertaken in non-judicial foreclosure:

  1. A notice of sale is recorded with the county clerk and it should contain the original amount of the mortgage and the defaulted amount.
  2. The notice is published for 6 consecutive weeks before the date of sale.
  3. The sale is conducted publicly through auction methods by the sheriff of the county and the property goes to the highest bidder.
  4. The borrower has up until one year to reinstate the loan

If you’ve undergone foreclosure then it is vital to repair your credit. Foreclosing properties can decline your credit ratings and cause your credit scores to fall considerably. They’re agencies out there that can fix your credit scores. But it is more advisable to seek out government agencies because they are least expensive and will advise you accordingly. If you plan on owning a home again or in need of loan services then credit repair should be something you opt to do.