| Even when there may be a small cause for | | | | Fund and Housing Link project predicted 8,721 |
| celebration regarding the foreclosure crisis in | | | | foreclosures over the course of 2007. Major |
| Minnesota news came out that put a damper on | | | | fallout resulting from this is the number of |
| things. Minnesota remained yet again among the | | | | abandoned properties across the state will |
| lowest in the country in foreclosure rates, but still | | | | adversely impact property values not just for |
| saw an almost 80% increase over last year. | | | | homes near foreclosed properties but also entire |
| Whether this is a result of population density as | | | | neighborhoods. |
| compared to other states or not the increase | | | | Some Minnesota Foreclosure Facts |
| seems to be proportional with what is happening | | | | For a homeowner looking to stop foreclosure in |
| in other areas. | | | | Minnesota is might be prudent to have at least a |
| Minnesota is no different from other states in | | | | passing understanding of the foreclosure process |
| regards to the primary reason for the current | | | | in that state. Non-judicial foreclosure is the primary |
| foreclosure crisis. Aggressive lenders using dubious | | | | method of foreclosure in Minnesota; however |
| loan practices are yet again the primary | | | | there are very stringent requirements for the |
| contributor to this problem. To their credit the | | | | notice and power of sale language in the legal |
| Minnesota government took prompt, proactive | | | | documents. |
| and responsive action to this matter by passing | | | | The foreclosure timeline in Minnesota is typically |
| over a hundred bills to deal directly with | | | | 60 days from the time you miss your first |
| foreclosures and abuses in lending. | | | | payment until a Notice of Default or Notice of |
| In other news Minnesota housing officials attending | | | | Sale is issued to your actual foreclosure date and |
| a summit in St. Paul earlier this year reported that | | | | sale. Minnesota borrowers have the right of |
| the surge in foreclosures encompassing the state | | | | redemption and are allowed deficiency judgments. |
| may be much higher, at least twice as high, than | | | | Lenders in Minnesota may also chose to go to |
| was previously reported. Projections for 2007 | | | | court for what is known as a judicial foreclosure. |
| predict the rate of foreclosures to range from 1 | | | | This type of proceeding is where the court issues |
| in every 1000 households in rural counties up to 2 | | | | a final judgment on a foreclosure. |
| of every 200 households in some of the harder | | | | It is apparent that Minnesota has hardly escaped |
| hit counties. One area being hardest hit, Northern | | | | the growing foreclosure epidemic gripping the |
| Minneapolis, has taken a pounding with some 1,400 | | | | nation. Even with the state government's steps to |
| foreclosure auctions seen in the past year and a | | | | help curb the crisis the fact remains that |
| half. | | | | foreclosures are still on the rise and there appears |
| Earlier in 2007 the Greater Minnesota Housing | | | | to be little relief in site. |