Navigating the Turbulent Waters of Foreclosure?

Don’t Go it Alone! Contact Our HUD-Certified Counselors for Free, Expert Advice

 

A home foreclosure can be an overwhelming experience. Figuring out where to turn for help can make the process even more confusing. The Washington County CDA wants you to know that you don’t have to go through it alone.

What Does “Foreclosure” Mean, and How Would I Know I’m at Risk?

Foreclosure is the legal process your lender uses to reclaim your property when you fall behind on payments. Many homeowners don’t realize that homeowners’ associations (HOAs), like mortgage lenders, also have the legal authority to initiate foreclosure—even for relatively small unpaid balances.

You’ll know foreclosure is imminent when you receive an official notice from your lender—typically after missing several mortgage payments, when you’re getting collection calls or letters, or when a law firm that handles foreclosures or the sheriff’s office contacts you.

I’ve Missed a Payment and Received a Notice. What Should I Do?
The key is to act early. Once your lender or HOA refers your account to an attorney, the situation often becomes harder to resolve. Seeking help right away may prevent a difficult situation from worsening, give you more options, and save you money on collection and foreclosure fees.

You should also make housing costs a top priority during financial hardship. Your home isn’t just a place to live—it’s often your largest investment. Protecting that asset is critical.

    “Due to a financial hardship as a result of health and income issues, I was having difficulty making payments for my mortgage and other expenses. Sheila helped me avoid foreclosure by reviewing my situation and giving me referrals and resources to make the best choice for resolution about my financial situation. I’m now free of debt, and I’m thankful for the freedom from the bondage of debt hanging over my life. Thank you for making a difference in my family’s lives!” — DK

 

How the CDA Can Help
The Washington County CDA’s HUD-certified housing counselors can guide you through understanding your rights, exploring available solutions, and communicating with your lender or HOA. Together, you and your counselor can create a recovery plan designed to protect your long-term financial stability. “Sheila has done a great job helping us through a situation that we did not know how to handle with our association. We unfortunately had unforeseen event happen to us in our family that set us back in our association dues. We tried everything to work with attorney and the association and ended up in preforeclosure Sheila helped navigate with us to save our home. Thank you for helping us.” — T&J

 

Steps to Take Right Away
  • Talk to your lender or servicer. Only they can change your loan terms.
  • Seek free, expert advice. HUD-certified counselors are available for confidential help.
  • Stay in communication. Ask about workout options and respond quickly to notices.
  • Watch for scams. Never pay for foreclosure “help,” for a guaranteed loan modification, or to sign over your home. Trusted help is always free.
  • Understand your rights. In Minnesota, you may be able to postpone a sheriff’s sale by five months, giving you additional time to pursue solutions.
Contact the CDA

The CDA’s award-winning, HUD-certified housing counselors provide no-cost assistance. Contact the team today to take the first step toward protecting your home—and your peace of mind.

 

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