Monthly Archives: February 2010

Is Minnesota a Recourse State?

When a homeowner is worried that they might lose their house to foreclosure, they are usually also worried about whether their state is a “recourse” or “non-recourse” state. In a non-recourse state, if the funds from the sale of the … Continue reading

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Deficiency Judgments after Foreclosure in Minnesota

As I discussed in my posts about the different options for homeowners in “underwater” mortgages, Minnesota allows for deficiency judgments in some cases. See Minn. Stat. § 582.30. CNN recently posted this article about mortgage lenders pursuing deficiency judgments. These … Continue reading

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Options for Homeowners in Underwater Mortgages: When You Can’t Save Your House

If you are struggling to pay your mortgage due to a job loss or transfer, illness, or change in life circumstances (such as a divorce), you may not be able to save your house. When the housing market was in … Continue reading

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Options for Homeowners in Underwater Mortgages: Saving Your House

What do you do if you can’t sell your house for the amount that you owe on the mortgage? In the current economy, this is a common problem. When you owe more than your house is worth, you are considered … Continue reading

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