Loan Modification Programs In Minnesota: Foreclosure Reports

We all talk of the housing bubble, and we know that when it started to 'burst'

, people all over the world began to lose large sums of money in property investments. Things have been pretty bad in the United States, and Minnesota is no exception. It is not just investments that people are losing; now people are losing their homes too. Foreclosures statistics are escalating to record numbers.

In 2005 there were 6,472 foreclosures recorded. These figures were derived from records of sheriff's sales in Minnesota.

Then the economic crisis started to make itself felt and gradually these figures went up and up. In 2006 there were 11,907 foreclosures and in 2007 the figures went up to 20,398. Then, 2008 was the worst. The highest number of foreclosures on record in Minnesota was 26,251! In 2009 the momentum slowed and figures stabilized somewhat at 23,019; still very high, in fact the second highest, but lower than the previous year.

This year the improvement, unfortunately, has not been sustained. At the end of the second quarter the figures for Minnesota for 2010 are 13,093 foreclosures. These are up considerably on the 2009 Q2 of 11,089 and if the upward trend of 13% continues or increases towards the end of the year they could even rival the 2008 spike;

so much for the statistics. What happens to you as a home owner should you find yourself in a financial crisis that leads to foreclosure and the loss of your home?

Typically the foreclosure process proceeds as follows:

If you have defaulted on a monthly mortgage home loan payment, you will receive a missed payment notice. Then you will receive further default notices and perhaps telephone calls. Should you not respond to any of these, your account will be forwarded to a foreclosing attorney. Now you will receive a foreclosure notice. A sheriff's sale date will be arranged and the date will be published for six weeks consecutively. For the two weeks prior to the sale there will be a window period for you to apply for a postponement. You will be served with a sheriff's notice of sale, and once the sale occurs, you have reached your deadline to repay the missing mortgage payments and get your account current. For the next five to six months, you reserve the right to stay in your house with the possible option to negotiate the redemption of your house. You would have to repay the amount paid for the house, as well as any costs outstanding, such as legal fees. At the end of this time, you would have to move out or be evicted.

This whole process can be prevented in many cases if you are prepared to talk to your lender or bank as well as seek advice from a reputable expert in foreclosure avoidance. It is thought that embarrassment prevents up to 60% of people who default on their payments from communicating with their lenders. They don't realise that the bank is not 'out to get them'. It costs your bank far more than you realise to foreclose on you, and it is in everyone's best interest to co-operate and solve the problem. You are worth far more to them re-established and comfortably paying your mortgage every month.

Copyright (c) 2010 Mark Rogers

by: Mark Rogers

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