Walking Away From A Home In Minnesota
While bankruptcy can put a stop to the foreclosure process and other options may allow a homeowner to keep his or her home, in some cases, keeping the home may not be in the best interests of that homeowner. While the stigma surrounding foreclosure is that it is a shameful process that is to be avoided at all costs, walking away from a home can sometimes be a positive financial option.
The attorneys at Burns & Hansen, P.A., will help you explore all of your options if you are faced with foreclosure and the loss of your home. While foreclosure is, in most cases, a last resort, if you owe more on your mortgage than your house is worth, a voluntary foreclosure is not an irresponsible option.
Walking Away May Not Be A Bad Option
Many people who foreclose on their homes do so because they lost their jobs or are hit with unexpected medical and other expenses. With recent events surrounding the mortgage crisis, however, some people simply cannot afford to make monthly payments on their homes.
Foreclosures have been on the rise and continue to happen in large numbers across Minneapolis, the Twin Cities and the state of Minnesota. While a foreclosure can leave a black mark on a homeowner’s credit rating, given the number of foreclosures that are happening, the long-term consequences may not be as damaging.
Before you make any decisions regarding your home in the foreclosure process, contact an experienced attorney at Burns & Hansen, P.A., to make sure that it is the right decision for your situation. Contact us by calling 952-219-7897. Schedule a free initial discussion today.