Understanding Your Options: Rent, Mortgage & Financial Obligations
If you're behind on payments or concerned about future obligations, you have options.
Contact the Lake Street Council first: Yusra Mohamud yusra@lakestreetcouncil.org 612-295-1515
Before Contacting Your Lender or Property Owner
Gather this information:
Type of obligation: Loan, lease, line of credit, or contract for deed
Payment terms: Frequency and maturity date
Grace period or modification options: Check your documents
Who should call: The person who signed and is listed as guarantor
Free Document Review Resources
Lake Street Council + Legal CORPS
Oscar Corral oscar@lakestreetcouncil.org 612-601-6980
Somali American Bar Association
somalibar@gmail.com
Elevate Hennepin
Lease review assistance
How to Talk to Your Lender or Property Owner
Do say:
"We're experiencing financial challenges affecting businesses in our area and want to explore solutions."
"Due to current economic conditions in Minnesota, we're experiencing revenue reductions, creating temporary cash-flow constraints."
"Can you walk me through short-term relief options, modified payment schedules, or restructuring programs?"
"Our goal is to maintain strong banking relationships and work collaboratively on solutions."
DO NOT SAY:
❌ "I can't pay" → ✅ Instead say: "I need time"
❌ "This isn't fair" → ✅ Instead say: "I want to stay compliant"
❌ Emotional or accusatory language → ✅ Instead say: "I'm looking for solutions"
Watch a 15-minute webinar from Elevate Hennepin County:
Legal Disclaimer: This does not constitute legal advice. Contact Lake Street Council and connect with a legal or financial professional before speaking with your lender.