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Nash Law Firm
Home With Equity Flow Chart
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Home Equity Flow Chart The following
is a flow chart showing the professionals whom you may need depending on what you are facing today and what you may be facing
tomorrow. The following chart applies to someone who owns a home that has equity (you can
sell your home in today's market and receive more than enough money to pay off all of the debt you
have against the home). The left column is a flow chart if you are in default on your mortgage. The right two
columns are if you are current with your mortgage. There are two main columns under this main column, the left is for
those whose credit rating has suffered while the right column is for those who still have good credit. If you do not
have equity in your home, you need to go to the No Equity Flow Chart. A person could start in one column but end up in another column because
of an unexpected event. For instance, you could start in the column where you are current on your mortgage with a good
credit rating, lose a job and end up switching to the column where you are no longer current on your mortgage. Another
example would be where your plan first tries to achieve a loan modification but you either do not get a loan modification
or the modification that you can get is not significant enough to save the property. In that case you would switch to
your back-up plan that may be selling the home with a short sale.
NOTICE: The foregoing is not intended to constitute legal advice for any specific circumstance, but is intended to reflect broadly applicable principles, under Minnesota law, relevant to a typical situation. Each set of facts and each contract is, or can be unique; the unique facts and specific language of the contract may require a different legal analysis and may result in a different outcome. Before proceeding in reliance upon this or any other general description of law, consult with an attorney competent in the field of practice relevant to your situation.
Copyright 2009 Nash & Lodge, PLLP |
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