But at the same time understand that there is free counseling available. We are blessed with one of the best foreclosure resources in the country, the Minnesota Home Ownership Center. Trained counselors who will be happy to assist you.
Tons of info on this website.
Minnesota is referred to as an "anti-deficiency" state. Simply put, it is more difficult here for banks to go after consumers who lose their homes through foreclosure. Not impossible, but difficult. Typically if the property is a primary residence and the loan being foreclosed upon was the one used to purchase the home, the bank can not go after you for any losses. Now this doesn't apply to second mortgages or lines of credit.
So whoever you talk will need all the particulars of your situation. From that they should be able to determine if the lender would have any recource against you.
Good luck and contact me here if you'd like that agent's info.
If you have no ability to pay then ask if you can sell your house via a short sale, they will reduce the price you owe to allow it to be sold at todays market value, you shoudl seek to hire a listing agent who is well expereinced in short sales that can guide you.
If you do not have time for a short sale, if they have already set a foreclosure auction date ask about a deed in lieu of foreclosure. As far as what you may be responsible for paying after any of these, you can use teh free first meeting with a lawyer to get some direction and answers to your specific finances.
Please check out my blog
TIPS ON GETTING A SHORT SALE TO WORK