Legal Question in Real Estate Law in Minnesota

foreclosure

i'm 7yrs into a 30 yr loan at 18%. can't sell ,don't want to refinance, hate the trailer court. are making payments not behind. can we just stop making payments and let the morgage company have it?


Asked on 4/04/08, 10:15 am

1 Answer from Attorneys
Scott Dutcher Law Office of Scott M. Dutcher, LLC

Re: foreclosure

On the legal front, presuming the loan is secured only by your real property (you don't mention what property secures the loan), if you stop making payments the owner of the loan will be able to foreclose on your property.

On the financial front, 18% interest is extraordinarily high. A refinance could be an excellent alternative considering you likely have substantial appreciation since 2001.

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Answered on 4/04/08, 10:36 am


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