Posted on March - 19 - 2011
Foreclosure Rates Remain High in Minnesota As Homeowners Wait
Foreclosure rates in most of Minnesota’s local markets have remained high last year. According to housing market analysts, part of the reason could be the high number of homeowners who get stuck in the foreclosure process for as long as two years. They stated that this factor has, in part, made 2010 foreclosure numbers exceed 2009 levels and has prevented the housing market crisis from abating in the region.
Local market observers have reported that some owners of Minneapolis foreclosures and distressed properties in other areas of the state can get their properties sold in a few months, while others get stuck living in their foreclosed homes for as long as two years and unable to move on. A number of homeowners have reported experiencing multiple cancellations to their scheduled sheriff sales.
The problem, owners of MN foreclosures have revealed, is that this has prevented them from moving on and most of them live in financially difficult situations since the foreclosure has caused their credit ratings to plummet. For those who have been waiting for almost two years for their properties to get sold or auctioned off, their credit histories are particularly hammered, owners have revealed. Also, most of those who have experienced the long wait have claimed that all they wanted to do was to sell off the house and move on.
On the other hand, some housing analysts have stated that a delay in foreclosure auction could be beneficial to homeowners. According to them, banks postponing auctions could mean that they are willing to discuss alternatives with homeowners. At a time when foreclosure rates are high, analysts encourage homeowners to explore these possibilities and to keep in touch with their banks if their auctions have been postponed a number of times.
Meanwhile, some lenders have explained that postponing the auction of foreclosure houses for sale can be due to several reasons. Reviews of cases can be one possibility, some lenders have claimed, or just recently, the moratorium on foreclosure sales and processes. Most homeowners have asserted, however, that they usually just get a letter informing them that the sale has been postponed without any explanation.
Analysts have encouraged homeowners to keep trying to get help from their banks. They stated that, with foreclosure rates at historic highs, every opportunity that can help a homeowner save his property should be taken. They added that seeking help will also help the overall housing industry recover from the foreclosure crisis.
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