What is Pre-Foreclosure and what are my options?

It is interesting. The number of foreclosures in the Twin Cities market is climbing and the number of people who are in pre-foreclosure is climbing even faster!

Many of the people in preforeclosure are unsure of their options. And worse yet, they are approached left and right by scammers and people who don't know enough to really help. I will lay out the process and what your options are here. If you have questions or are in preforeclosure you can call or email me and we can walk through your specific situation.

Anytime you miss a payment, even one, we'll call you pre-forclosure. It means you are currently in default but your property has not gone to Sheriff Sale yet. This is the time when you have the most options. We'll talk about Sheriff Sale and the period after that called the redemption period, in later posts.

In the preforeclosure time, you can:

• Modify your loan. Working with your lender(s), often times they will change interest rates, add payments to the back end or help you in other ways to bring you current.
• Refinance. If you see preforeclosure coming, many times you can refinance to a "better loan" before you ever miss a payment
• Sell your home. This is just to get you out. This is an option even if you owe more than your property is worth.

In the loan modification and selling process, your lender(s) is going to require considerable information from you. This is one of the areas that I can assist with. For a loan modification, I will talk you through all of the paperwork your lender needs and submit it to your lender or your behalf. I will also help negotiate with them. I do this for no charge, under the hopes that if a modification that works for you cannot be reached or you decide to sell now or later, that you work with me.

I can be reached at 612-701-7965 or by email at carrie@associatesrealty.net.