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Foreclosure in Shakopee : Real Estate Advice

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Sat Apr 19, 2014
Dan Tabit answered:
ressiet,
Probably, but then you'd have a home in foreclosure too. Adding or changing the name on a deed won't cancel the mortgage. In fact, you may accelerate the process due to a "Due on Sale" clause in most mortgages.
If you want to avoid foreclosure there are several things you need to do and start yesterday. A; meet with a real estate attorney who works in this area full time. Your situation needs and deserves a full review. Based on what your situation is, they attorney may suggest;
A loan modification, which while rare could save the property and either lower your balance or make it affordable to get caught up.
A short sale where the lender allows you to sell for less than what is owed, and may forgive the difference.
A bankruptcy where the process is stalled until a solution is found.
A deed in lieu of foreclosure to resolve the matter quickly and certainly.
An outright foreclosure via the standard time.
Just remember that no one here knows enough about your situation to truly advise you which will be the best for you. As agents, we are quick to jump on the short sale answer, and often it's a good one, but not always.
Time is not on your side, but sale dates can get postponed and often do. Get with an attorney immediately so you at least know your full options and the consequences you'll be living with for many years to come.
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