“The extra time from a postponement can open a critical window of opportunity for homeowners to work with a foreclosure counselor, explore home-saving strategies, and often stop the foreclosure entirely.” Stated John Freeman, Staff Attorney with the Minnesota Legal Services Coalition.
How it Works
The Foreclosure Postponement Tool (online at www.LawHelpMN.org/
Making the Most of the Extra Time
Now that the foreclosure sale has been postponed, what happens next?
Homeowners should start by finding a free, non-profit foreclosure counselor - while always staying wary of scams. Some web sites offer to "save your home" by charging premium prices for services that are available for free. What's more, these businesses often provide low quality services.
To mitigate this problem, the Foreclosure Postponement Tool encourages users to contact the Minnesota Home Ownership Center (www.HOCMN.org)
Last year, HOCMN.org and affiliated counselors served roughly 12,000 clients in foreclosure and approximately 60% of those clients were ultimately able to avoid foreclosure - a remarkably high success rate proving that individuals can fight against foreclosure and keep their homes.
The Foreclosure Postponement Tool was created by the Minnesota Legal Services Coalition, in partnership with Southern Minnesota Regional Legal Services and the Minnesota Home Ownership Center.
Founded in 1981, the Minnesota Legal Services Coalition (MLSC) is an association of seven Minnesota regional legal services programs. Formed to enhance cooperation and coordination, MLSC supports providers of civil legal services to low-income persons throughout the state. Among its activities, MLSC directly serves low-income Minnesotans through its various community legal education efforts. For more information, visit www.mnlegalservices.org.
Minnesota Home Ownership Center is a nonprofit organization that promotes successful and sustainable home ownership for low- and moderate-income Minnesotans through counseling and education services for first-time home buyers and those struggling with foreclosure. The Center leads Homeownership Advisors Network, a statewide network of more than 50 nonprofit partners across Minnesota.
Marketing and Communications Manager
Minnesota Home Ownership Center
(651) 659.9336 x 104
Staff Attorney/Website Coordinator
Minnesota Legal Services Coalition