If you currently face the personal and financial challenges of keeping your home, you may be looking at a foreclosure. Ron Lundquist, Attorney at Law, can help you find relief during tough economic times. Like bankruptcy, myths swirl around foreclosure making it difficult for you to separate fact from fiction. I can help you get accurate information so that you make wise decisions during the foreclosure process. My legal team has put together these five common foreclosure myths that you need to avoid. If you have any further questions, feel free to call our Eagan, MN office.
1. Filing for Bankruptcy Won’t Stop Foreclosure
The good news is, a bankruptcy can cancel a foreclosure proceeding. A delay will give you time
to build up funds and develop a financial plan. The good news is that bankruptcy will stop a foreclosure dead in its tracks. A Chapter 13 case will help you keep the house with a structured repayment of past due payments over time. A bankruptcy gives you a powerful tool to save your home.
2. The Bank Wants Your Home Back
There are numerous reasons why the bank does NOT want your home. First, foreclosure is a time-consuming lengthy headache that no lender wants to go through. Second, foreclosures are not good for business and can hurt a bank’s reputation. Most banks will work with you until they have no choice but to file. Foreclosures are usually the last resort, not a first.
3. Nothing Can Stop a Foreclosure
Yes you can stop a foreclosure. Bankruptcy may give you options and choices you were not aware existed. It is important to meet with a bankruptcy attorney well in advance of a sheriff sale since that is a critical deadline in the bankruptcy process.
Foreclosure Services from Ron Lundquist
If you are behind on your mortgage payments or are currently facing foreclosure, you have options. I invite you to contact us to discuss your case and obtain legal advice suited to your situation. We offer bankruptcy services for home and business owners in the Minneapolis and St. Paul area. For an initial consultation, contact our office at 651-454-0007, or you can message us on our contact page.