If you do receive the foreclosure notice:

1. Do not start to panic. You are not the first person to face this type of situation. It can take a considerable amount of time to carry out the full foreclosure process. This gives you a little bit of time to take action.

2. Sit down with pencil and paper and create a realistic budget. Determine how much you have available to spend on a monthly housing payment.

3. Call the lender that holds the mortgage on the home. Explain to them that you have worked out a budget on paper and give them your figures. Ask if they have an assistance program for people facing financial hardship.

4. Do not give up when dealing with the lender. The lender has hundreds and possibly thousands of customers. Unfortunately, your particular situation does not qualify as their top priority. You may face long phone delays, repeated requests for the same paperwork and other delays. Continue to plead your case and follow their instructions to apply for any financial help.

5. Start saving cash. In the event that your efforts are not successful and you have to move from your home, you will need money for a deposit on a new place as well as money for establishing or moving your utility accounts.

If you do lose your home:

1. Resolve yourself to the situation and move forward. Understand that bad things happen to good people. This is merely a tough situation that can be overcome.

2. Look for a home or apartment that fits your needs and your budget.

3. Do not look into lease to own home purchases. Those type of plans require that you obtain a new mortgage in less than two years. 4. Talk to a Minnesota Chapter 13 Bankruptcy lawyer and ask if the old debt can be discharged. The last thing you need is creditors pursuing you for the next several years over debt for a home that you no longer own.

Myth No. 1:  You will be evicted as soon as you fall behind on your payments.

Not true. There is a lengthy legal procedure that must be followed during foreclosure.  You do not have to leave your home until it has been sold at auction, the deed has been transferred and you have been given a formal eviction notice.

Myth No. 2:  You’ll never be able to buy another house.

You will have to work to improve your credit rating after a foreclosure, but there are lenders that will be willing to give you a second chance.   With careful planning and determination, many people are able to obtain a new mortgage just a year or two after they experienced  foreclosure.  You may be required to make a bigger down payment or pay a higher interest rate, but owning a home again is not an impossibility.

Myth No. 3:  Only deadbeats experience foreclosures.

This is possibly the biggest myth of all.  There are many reasons why responsible home owners find themselves facing foreclosure.  Job loss, illness, divorce, and other circumstances beyond control sometimes are temporarily insurmountable and foreclosure is unavoidable.  Most people do everything possible to avoid losing their home, but sometimes there is no way to prevent it. In the United States, 6%-7% of homeowners experience foreclosure every year.

Myth No. 4:  The bank is pleased to foreclose.

In fact, the bank would much prefer not to take your home away from you.  They are in the business of making mortgages, not selling homes.  Foreclosure is a time consuming, costly process and most lenders would much prefer to help you to find a workable resolution to the problem.  If you fear you may be facing foreclosure, talk to your lender before things go too far.

Myth No. 5:  It is better to file bankruptcy than experience foreclosure.

This is not always the truth.  If you do not have a large amount of other debt, your credit score may take less of a hit from a foreclosure than it would a bankruptcy.  Foreclosure, however, does not mean that your debt is totally forgiven.  Depending on the laws in your state, you may still be held responsible for the difference if the mortgage company had to sell at a lower price, or if you had a second mortgage or line of credit secured by your home.  Bankruptcy may still end up being the only solution.

Even beautiful Eden Prairie homes are sometimes foreclosed on.  There are currently a number of Eden Prairie Homes for sale as a result of foreclosures.  If you are facing foreclosure, you are not alone.  Educate yourself about foreclosure laws and don’t be afraid to ask your lender for help before foreclosure is unavoidable.

Even though there may be areas of Detroit that only display empty houses, you must be able to look past what is seen. Every bad situation always presents a set of positive opportunities for those that look outside the box. The foreclosed properties have opened up something that the Urban Farming has definitely taken advantage of. Some of the properties have been purchased by the 501(c)3 organization. The decision has been made to utilize the property to grow food that will be considered natural.

The farmland is accessible to anyone that lives in the Wayne County area of Detroit. Individuals have cultivated the land so that it would be ready for seeding. Due to the amount of bank owned foreclosed homes that exist in Detroit, the duplication of this idea will definitely open the door for the citizens of Detroit to be able to have access to food that is considered healthy. Most food banks are in need of all type of food items and especially fresh fruits and vegetables. Wayne County is really sitting on a gold mine. It is unfortunate that some of the citizens have lost their homes due to the state of the economy.

Hopefully, in the future they will be able to obtain affordable housing that will not cause them to be under any type of financial stress. In the meantime, the areas that have been hit the hardest have the greatest potential to benefit from the land that is being converted into farmland. For continued education on the varied use of reclaimed properties visit the bank foreclosed homes guide.

As the job market improves and individuals recover from their financial woes, Detroit will be a city that has opened up a new arena for the world to consider. If more neighborhoods duplicate what is being done in Detroit, it will eliminate some of the problem for low income families that are struggling to pay for food.