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After many states, including Minnesota, imposed moratoria on foreclosures following the onset of the pandemic, combined with other federal programs pausing the need to make ongoing payments, foreclosures have started increasing. Foreclosures are still hardly seen,...
Hennepin County and the City of Minneapolis just announced that they will set aside $4.3 million, up to $35,000 per homeowner, to help make mortgage payments that were missed due to pandemic. Applicants will first need to apply for other loss mitigation options, for...
Foreclosure rates have continued to dwindle since they peaked in 2010. A recent article talked about reasons why there is not likely to be anywhere near the surge that we had experienced during the last recession. There are a few additional reasons that I have...
During the height of the great recession six or seven years ago, many of my clients with upside down mortgages opted to simply do what I referred to as the unofficial lien strip, whereby they simply did not make the second mortgage payments, with the hope that...
A realtor will definitely tell you a short sale is better. But keep in mind that a realtor makes money by getting clients and selling houses. While there is nothing wrong with that, and I have nothing against realtors, realtors are trained to tell you this. And there...
Question: I had a house foreclosed upon, I moved out at the end of the six month redemption, and then the mortgage company apparently evicted me. The foreclosure isn’t so bad on my record, but the eviction is making it hard for me to find a place to rent. What can I...
Surprisingly, this happens with some fair frequency. Probably 80-90% of the time, a homeowner who stops making their mortgage payment can expect to receive a sheriff’s sale notice within 3-6 months of when they stop making payments. There are various reasons that some...
The answer is “it depends”. It depends on what type of mortgage you are seeking, which chapter of bankruptcy, and perhaps most importantly, it depends on what the underwriting requirements are at the time you are actually seeking a mortgage. For instance, the...
In a decision issued last month, the Minnesota Supreme Court invalidated a foreclosure, on the grounds that “substantial compliance” is insufficient to proceed by foreclosure by advertisement (which is not supervised by the court). Rather, strict compliance is...
Part 4 in a series on how we help people in underwater homes When I talk to someone who is going into foreclosure, I ask them if they want to save their house, and 9 out of 10 people say “yes.” So usually the best way to do that is by way of a loan modification, which...