Foreclosures in the last year have increased significantly, according to HousingLink projections, a nonprofit corporation that has made it’s mission to connect people and communities to information that supports the resolution of their affordable housing problems, foreclosures for the Metro area are at 13,000 an increase of 83% from 2006 and foreclosures for Greater Minnesota are at 7700 an increase of 84% from 2006 for a state wide total of 21,000. These area staggering numbers and if trends continue as they are 2008 projections are going to range from 29,000 – 38,000. For more detailed information and a map showing the breakdown by county see their website at www.housinglink.org.
For most of us foreclosure brings on many emotions from guilt to embarrassment and everything in between. Many times it’s easier to just ignore it until it’s too late. Please don’t make that mistake,
Although the above numbers are quite significant when looking at the picture nation wide we here in
So for those that aren’t sure what is the foreclosure process in
1 missed payment – the lender calls and sends a letter to homeowner
2 missed payments – account is transferred to the collections department
3 missed payments – collection efforts are continued
4 missed payments – account transferred to foreclosure department (here legal fees begin to accrue)
5 missed payments – account forwarded to foreclosure attorney
6 missed payments – foreclosure attorney schedules sheriff’s sale date (date published for 6 weeks)
7 missed payments – homeowner served with notice of sheriff’s sale (4 weeks prior to sale)
8 missed payments – sheriff’s sale will occur (homeowner has reached the deadline to bring mortgage current)
Immediately following the sheriff’s sale, 6 month redemption period starts, home owner can occupy home and payoff entire mortgage. At the end of 6 month period if mortgage has not been paid home owner needs to vacate property or eviction will occur.
In many cases problems were present before the 1st missed mortgage payment, but life is busy and for many it’s just easier not to pay attention to the problems when they first start. Pride can get in the way, life can be complicated filled with ups and downs the best thing anyone can do for themselves and their family is to ask for help. Take advantage of the resources available here in
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Live by the 'Get By Giving' philosophy
Make my Client's number one goal, My number one goal
Live up to my standards, despite temptations to lower them
Be willing to work toward the common good