Facing Foreclosure

You’re Not Alone. You Have Options.

If you're falling behind on mortgage payments, you may feel overwhelmed. In Minnesota, foreclosure can begin as soon as 120 days of missed payments, often using a power‑of‑sale (non-judicial) process unless your loan calls for judicial proceedings.

But you still have rights and ways to take control.

Understanding the Foreclosure Process

Missed Payments → Default → Notice of Default.

Within 36–45 days of your first missed payment, your servicer must contact you about loss mitigation options and send written notices InvestopediaInvestopedia.
No foreclosure sale can occur before you're ~120 days delinquent, and notices must follow state law.
After default, your lender may sell your home rapidly under a power-of-sale clause—this can reduce your time to act

Your Options in Minnesota

Missed Payments → Default → Notice of Default.

Loan Workouts (Loss Mitigation)

May include loan modification, repayment plans, forbearance, or partial claim loans.
Loan modifications can reduce interest rate, extend loan term, or—rarely—reduce principal balance.
Use only HUD‑approved free foreclosure counselors to avoid scams—or refer to the Minnesota Homeownership Center or LSS Financial Counseling

Short Sale

If your home is “underwater,” you can negotiate selling for less than the mortgage balance, with lender approval Investopedia.
A short sale is less damaging to credit than foreclosure and avoids public record of foreclosure
Requires a hardship letter and lender cooperation.

Deed in Lieu of Foreclosure

- You voluntarily transfer the property to the lender to satisfy the loan and avoid foreclosure. This typically impacts credit less and avoids public sale
- Often discouraged if there are junior liens, since lenders may refuse.

Additional Resources (Minnesota Residents)

Minnesota Homeownership Center: Free foreclosure prevention advisors. Toll‑free: 1‑866‑462‑6466 or metro: 651‑659‑9336 financialcounseling.lssmn.org+8Minnesota Homeownership Center+8Ramsey County+8Wikipedia+4Investopedia+4Wikipedia+4minnesotametrohomes.com

LSS Financial Counseling: HUD‑certified housing counseling via phone or in‑person statewide financialcounseling.lssmn.orgmoundsviewmn.org
Minnesota Attorney General & LawHelpMN: Public guidance and forms for postponing sheriff sales and understanding rights Minnesota Courts

Don’t Rush to Investors

Many homeowners facing foreclosure receive offers from real estate investors promising quick cash.

But:

These offers often are significantly below market value.
You may lose equity and still owe the lender.
Investors may apply pressure to complete a sale quickly—crippling your ability to negotiate better terms.

Why Working with Byron is Different:

Full-market marketing: Byron seeks buyers who will pay a fair price, preserving as much equity as possible.
Short‑sale expertise: If needed, Byron negotiates directly with your lender for approval of the sale.
Compassionate guidance: You're supported every step—in contrast with investor pitches.

How Byron Can Help:

1. Early Strategy Session

Byron offers a free, confidential review of your situation and options: loan modification, short sale, deed in lieu, or listing the property for full syndication when feasible.

2. Connection to Free Resources

Byron partners with reputable organizations, including:

Minnesota Homeownership Center advisors,
HUD‑certified housing counselors,
LSS Financial Counseling,
Legal aid referrals as needed

3. Negotiation & Sale Support

If a short sale is appropriate, Byron handles the paperwork, hardship letter, and lender coordination.
If a traditional sale is feasible, he markets aggressively and guides you through inspection, disclosure, offers, and closing.

4. Protecting Your Rights

Ensures your lender doesn’t engage in illegal dual tracking (taking your application while proceeding with foreclosure) LawHelp Minnesota.
Helps you understand your right to reinstate or redeem your home before sale Investopedia.

Byron’s Commitment

I’m Byron, your local Minnesota realtor specializing in foreclosure prevention and respectful, fair home sales. My goal is to help you make informed decisions—understanding all legal protections and financial implications, ensuring you avoid investor traps, and helping preserve your equity wherever possible.

Reach out today. You don’t have to face this alone.