Mortgage & Lien Foreclosure

Foreclosure is a difficult matter for homeowners, banks, and lienholders. No one on either side of the matter wants the property to be foreclosed upon. However, foreclosure happens because money is owed. In the case of a mortgage foreclosure, it is because the bank is owed money. In the case of a lien foreclosure, it is because someone has had to take a lien against a person’s property because of an unpaid bill.

Regardless of which side of the coin you are on, an experienced Minneapolis real estate lawyer can help you. Serving Minneapolis, St. Paul and the entire Twin Cities metro, the Krogh Law Firm, P.A. can bring closure to a wide range of real estate issues.

Advisement Of Mortgage Foreclosure Options

When faced with foreclosure, it is important to know what your options are. A short sale, deed in lieu of foreclosure, or no deficiency judgment that would make you liable for the difference between what was owed and what the property was sold for are ways to obtain relief. Even if you can’t keep your property, it is important to do what you can to avoid the financial responsibility that you can’t afford.

If you want to keep your property, there may be solutions there as well. For instance, the bank may agree to a loan modification so that you can better afford the payment. They may re-age the loan so that it is like starting over.

Unfortunately, there are cases of mortgage brokers taking advantage of buyers during the lending process. They may have misrepresented income or the buyer was given incorrect information. This occurred to many people when the housing bubble burst because they didn’t know their interest rates were going to drastically increase, making their payments unaffordable.

Legal Guidance On Lien Foreclosure

Contractors, subcontractors, materialmen, and others that perform work on a property and aren’t paid for it can have a mechanic’s lien placed on the property. The property owner receives proper notice so they can pay the amount owed. If the property owner doesn’t pay, then the lienholder can file a lawsuit to foreclose on the lien. It is imperative that the property owner is given notice of the lien or it is possible it cannot be foreclosed on.

This is an area where your Minneapolis real estate lawyer can help you. You have to ensure that timelines are met, notices are served, and that the proper procedures are carried out so that the lien can be foreclosed on and you paid.

If you are a property owner who has had a lien placed on the property, you can defend against the lien. The first line of defense is ensuring all of the statutory requirements were met. The lienholder meeting the requirements means they have an enforceable lien. If they haven’t met the requirements, then they can’t enforce it. The primary way to avoid a lien foreclosure on an enforceable lien is to pay the amount that is due so that the lien can be removed.

Contact A Minneapolis Real Estate Lawyer

Foreclosure matters are very serious, so they need to be addressed seriously. At the Krogh Law Firm, P.A., you receive the legal representation you need by an attorney with 17 years of experience and who has been an MSBA Board Certified Real Property Specialist for over 10 years. To learn more, call 651-631-0500 to request a free consultation.