Foreclosure

Foreclosure rates in Minnesota and Wisconsin are more than double the previous averages. With commercial property property foreclosure rates now rivaling residential, the market has responded with decreased borrowing options.  THe latter will fuel more of the first and the heart breaking trend will continue its negative path.  The best option is to understand your options.

If you are one of the growing number of people facing possible foreclosure, whether it be a rental property you bought as an investment or your own home, a buliding you purchased for your business or your own home, you need to understand your options and how the changing market will affect the results of your decisions.

Friends, Bankers, Realtors and Mortgage Brokers offer all kinds of advice but often do not know all of the options and likely do not realize how the changing market will view your final decision. At a minimum you need to consider the following:

• Is allowing the foreclosure the right option for you?

• Will you still owe money to your lender after the foreclosure sale?

• Is a deed in lieu of foreclosure the right option for you?

• Is a short sale the right option for you?

• How can you position you and your property to make your choice work?

• Can a personal Bankruptcy save your house?

• How will your decision today affect your future housing options?

• How will your decision today affect your credit worthiness?

These are just some of the questions to which you must know the answer before you can make an informed decision regarding a possible foreclosure. Most people have more than one option and it is important that you pick the best one for your situation.

With contacts in all the necessary areas (e.g. lenders, realtors, mortgage brokers, title companies) and a sound understanding of the related laws, the Krentz Law firm can efficiently guide you through this taxing process. Schedule a low cost 1 or 2 hour consultation with our team. We will explain the options available to your situation and, if you elect, will help you pursue a final resolution.