Skip to comments.There's No End in Sight to Minn. Foreclosure Mess
Posted on 01/21/2011 10:22:26 AM PST by Son House
More than 70,000 Minnesota homeowners were behind on their mortgages and received pre-foreclosure notices last year, a warning that the housing market still faces serious hurdles in 2011.
About 71,665 struggling homeowners got the notices in 2010, up 8 percent from 2009, according to the Minnesota Home Ownership Center, which released the numbers Thursday. The number of notices rose 3 percent in the Twin Cities metro area, but 15 percent elsewhere in Minnesota.
The numbers suggest that despite glimmers of hope in the job market, the state could see more people lose homes this year than they did last year, said Ed Nelson of the St. Paul-based Home Ownership Center.
While the rise in notices may come as a shock to members of the general public who figure the years-long mortgage crisis must be waning, it's not so surprising to those who track housings twists and turns.
Julie Gugin, head of the Home Ownership Center, blames the tough economy for the mortgage anguish.
Pat Paulson, past president of the Minneapolis Area Association of Realtors, said the high level of pre-foreclosure notices didn't surprise him.
"We have to admit that foreclosures continuing at these high levels is a concern, but it's not unexpected," Paulson said.
(Excerpt) Read more at startribune.com ...
WELCOME TO FREE REPUBLIC’S MINNESOTA PING LIST!
148 MEMBERS AND GROWING...!
FREEPMAIL ME IF YOU WANT ON OR OFF THIS LIST!
Judges are being ORDERED to fullfill quotas to reduce the case load.
the banks are being unjustly protected for no reason other than to protect big shots from perp walks.
Democrat Gov Mark (crazy eyes) Dayton’s solution - Higher taxes.
Minnesota loses 22,400 jobs in December
Thanks to Barnie Franks and his boyfriend at Fannie Mae...we have this disgusting housing mess...I just tried to refi my condo in FL...Forget it..NOW, they are so hysterical it is almost impossible to get through the paperwork and loan process...
They are loaning only 60% on a conventional mortgage on a condo in FL!!! The Citigroup guy said even before the appraisal is done..”the loan rate is 60%, its not the specific building,its not even the zip code, its the state of FL”. And the appraisals are bizzare. The banks screw up the papaerwork you would think a third grader did the work.
There is a house across the street from me that the bank is trying to sell. The family left because the foundation is lifting in the corner of the house and they had an ARM on the property. If I see potential buyers come by I walk over to them and tell them about the foundation. I would hate to see another family’s financial situation be destroyed because of a bad builder or a poor house inspector.
Condos are especially risky to lenders, because of the danger that the complex as a whole is financially at risk..I've seen some in the Bay area were 30-40% of units in a condo complex are for sale, vancant, abandoned, underwater..etc..yes, you can steal them...but you might end up with a HUGE assessment..
A house across the sreet from me has a pool in the backyard that was only 1/3 full of water. It’s been a very wet winter and now the pool is rising up from the ground because of our high water table. In other words, it’s ruined.
Then there is this:
Ibanez Denying the Antecedent, Suppressing the Evidence and one big fat Red Herring
And you could also end up with out a clear title due to the Banks inventing MERS.
The frost does wonders. But above ground pools are all the fashion now.
That funny guy was finally elected President of something anyway !
I would submit that banks must report their shadow inventory.
They should be forced to report homes in court.
Homes under modification.
Homes they took back and can’t unload.
The largest drop was "government workers".
“They are loaning only 60% on a conventional mortgage on a condo in FL!!! The Citigroup guy said even before the appraisal is done..the loan rate is 60%, its not the specific building,its not even the zip code, its the state of FL. And the appraisals are bizzare. The banks screw up the papaerwork you would think a third grader did the work.”
We JUST completed our refinancing on our Florida condo, and it went as easy as imaginable. We didn’t experience any of what Citigroup told you. I’d suggest finding another bank.
The court awarded the homeowner clear title by right of possession, that being 9/10 of the law, in absence of documentation proving otherwise...
Absolutely...title insurnce is much harder to get, and it will become more expensive..also, look for many title companies to fail...and not sure who/what will back their guarantees..many people are buying for cash..because they can’t get title insurance, but that’s very risky..but you can also use it as a lever to drive the price down even more...
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.