Foreclosure
Minnesota Foreclosure And Distressed Home Fact Sheets PLUS Twin Cities First Time Buyer Special Programs
November 19, 2010 by Financemyhome · Leave a Comment
I have mentioned it before, but I really am impressed with the Minnesota Home Ownership Center. I frequently get calls from people who need to find information about how best to deal with a distressed real estate situation. You must visit their website and bookmark it for future reference. Here are just some of the links you need to look at:
Foreclosure & distressed property fact sheets
http://hocmn.org/en/fp-factsheets.cfm
Counseling Agencies that work with HOCM
http://hocmn.org/en/partners.cfm
List of Down Payment/Grant Assistance in Various Areas
http://hocmn.org/Stock/Editor/file/Matrix/EntryCostMatrix_Oct2010.pdf
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Foreclosure
Why Foreclosure Is Often Preferred By The Loan Servicer Instead Of Offering A Loan Modification
November 11, 2009 by Financemyhome · Leave a Comment
Have you ever wondered why a foreclosure occurs when a better solution might have been a modification? Would you like to read the facts and figures and see how mortgages are bundled, sold and serviced? You will soon see it is isn’t pretty, we are in the midst of a crisis, and it is likely to get worse before it gets better. That being said, you can probably guess why-it’s about the money. It is a little more complex than that-the report is 60 pages-but is explains the incentive and disincentives that are at conflict within the mortgage market today. Once you understand how all the pieces go together, you can see that something “different” needs to be done. I am a strong free market believer, but in this case, the government needs to have a mandate and rule that is guided towards keeping people in their homes. Left to current industry solutions, the mortgage mess will continue to play out and get worse. If you click on the link below, you will find the free report from the National Consumer Law Center.
http://www.consumerlaw.org/issues/mortgage_servicing/content/Servicer-Report1009.pdf
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