April 19, 2013 (Press-News.org) There's no disputing that the foreclosure crisis has taken a huge toll all throughout Minnesota. Nearly everyone knows someone who lost their home during the Great Recession, or who got into serious trouble after falling behind on their mortgage.
Thankfully, data suggests that the problem is getting better. A recent report from the Minnesota Homeownership Center shows that the number of Minnesota homes lost to foreclosure in 2012 was lower than at any point since the crisis began in 2006. Statewide, the number of foreclosure sales fell by 16 percent from the year before. The metro fared a little better than the rest of the state, though. Foreclosure sales were down by about 19 percent in the Twin Cities area, while greater Minnesota experienced an 11 percent drop.
While this decline is certainly good news, there are still far too many people facing foreclosure. The Minnesota Homeownership Center's report showed that 17,895 homes in Minnesota were lost to sheriffs' sales in 2012.
Hennepin County has been hit harder than any other county in Minnesota. In 2012, a total of 4,130 Hennepin County homes were lost in foreclosure sales. According to data published in the Star Tribune, there were 50,507 foreclosures in Hennepin County alone between 2008 and 2012.
Help for struggling homeowners
If you are having trouble keeping up with your mortgage payments, know that you are not alone. You are also not without options. Minnesota law provides a number of alternatives for homeowners who are facing foreclosure.
For many people, filing for bankruptcy can be a great option. Chapter 13 bankruptcy can stop foreclosure and give borrowers a chance to catch up on their past-due mortgage payments. In addition, Chapter 7 bankruptcy is an option for people who are current on their mortgages but are struggling to make their payments. Chapter 7 won't get rid of mortgage debt, but it will discharge most other forms of debt (including medical bills and credit card debt), allowing homeowners to direct more of their income toward paying the mortgage.
Homeowners who owe more than their houses are worth may also be able to pursue a short sale. In short sales, the bank agrees to accept the market price of the home as satisfaction for the loan, even if it is less than the homeowner owes.
Every homeowner's situation is different, so it is important to consult with an experienced bankruptcy attorney before taking action. The attorney will be able to evaluate the circumstances of your individual case to help you devise the best plan for moving forward.
Article provided by Hoglund, Chwialkowski & Mrozik, PLLC
Visit us at www.bankruptcyminnesota.com
Minnesota foreclosure rate drops, but problems persist
A recent report from the Minnesota Homeownership Center shows that the number of Minnesota homes lost to foreclosure in 2012 was lower than at any point since the crisis began in 2006.
2013-04-19
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[Press-News.org] Minnesota foreclosure rate drops, but problems persistA recent report from the Minnesota Homeownership Center shows that the number of Minnesota homes lost to foreclosure in 2012 was lower than at any point since the crisis began in 2006.