Legal Question in Real Estate Law in Minnesota

Re: Foreclosure Consequences

I believe we just spoke by telephone.

If you are unable to ell the home, your best option is to negotiate with the lender to turn the home over to them without any deficiency resulting. I understand that you have missed just one payment. As a result, now is the time to begin that negotiation.

The lender cannot reach your wife's separate assets.

Re: Foreclosure Consequences

A company to which you owe money cannot seize your wife's separate assets. Note: this would not apply to joint assets, like bank accounts. If you have only a first mortgage on the former home, probably the mortgage company would foreclose on it, thereby wrecking your credit for a period of time, but giving up their right to sue for any unpaid portion of the debt. This is genral information, like the answers to most legal questions, there exceptions to what I have just said. YOu might pursue what is called a "short sale" where you sell the house, give the mortgage company all the money, and they forgive any deficiency.