my property will be foreclose soon. I already move out. Should I call my mortgage or just leave the key?

Asked by Shoua, Eagan, MN Sun Jun 29, 2008

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Maria Morton, Agent, Kansas City, MO
Wed Jul 16, 2008
Have you thought about a short sale? This is when the bank/mortgage lender agrees to accept less for the property than you owe on it. Also, by walking away you may not be relieving yourself of the debt. When you talk to the mortgage lender be sure to ask if they will 1) release the property and 2) forgive the debt. You could ask a realtor to help you with this. We are not paid until closing so it wouldn't cost you anything.
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jkgoode, , Burnsville, MN
Wed Jul 16, 2008

Did you know that you have other options to try sell your home with a SHORT SALE either prior to the Sheriff's sale during pre-foreclosure and even during your Homeowner' Redemption Period (6 months after the Sheriff's Sale)? Minnesota allows homeowners to try to redeem their property after the Sheriff's Sale and sometimes will allow a short sale. At the Sheriff's sale, or auction, the person or entity (more often than not is your lender buying it back in the amount you owed) that purchases the home only holds the RIGHT TO THE TITLE ONLY IF AFTER THE HOMEOWNER'S 6 MONTH REDEMPTION PERIOD EXPIRES WITHOUT SATIFYING THE MORTGAGE DEFAULT. This may still be possible with a Short Sale. A Short Sale is the bank allowing you to sell your home for less than what you owe and then either; "without recourse" & is accepted where the lender does not hold you liable for the balance forgives you on the amount or allow you to make small payments to pay off the outstanding balance after the sale of the home. Honestly, most lenders wouldn't choose foreclosure over working something out. Foreclosure on your credit history is very long term & damaging mark on your credit and will stop you from being able to buy another home for a very long time and in many instances, not be allowed to rent when a credit history is run for rental purposes.

I am not sure what stage or concern you are at today but if you have interest in trying to correct this please contact me right away and I will help you out.

Hope I can help!
Jody Goode
Coldwell Banker Burnet
190 Cobblestone Rd
Burnsville, MN 55337
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Lenny Frolov, Agent, Brooklyn Park, MN
Sun Jun 29, 2008
Shoua if you dont want to try to help yourself out by trying a short sale and just want to let the house go you may give your mortgage company a call and they see if they will offer you cash for keys. Although typically they only give you cash if you are still occupying the home. I would let the mortgage company know the house is vacant and try to keep an eye on the house so it doesnt get ruined by vandals which will help they mortgage company lose less money.
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Cameron Piper, Agent, Forest Lake, MN
Sun Jun 29, 2008

I would have an agent call the mortgage company and work on negotiating a short sale without recourse. Failing that, you might want to try for a deed in lieu of foreclosure without recourse. If you need some help or have any questions about this I would be more than happy to help.

Cameron Piper
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