Foreclosures Decline From May 2010

MINNEAPOLIS (AP) — The number of Minnesotans receiving foreclosure notices in May is down 11 percent from a year ago.

Housing experts say delays in processing foreclosures helped hold down the number of homeowners in default. Data from RealtyTrac shows an increase of about 6 percent in foreclosure filings in Minnesota compared to April.

Housing advocates say efforts to help Minnesota homeowners avoid foreclosure through loan modifications and other means have kept the foreclosure rate in check. The Star Tribune  says Minnesota recently received more than $3 million from NeighborWorks America to fund foreclosure prevention counseling.

Nationally, the foreclosure rate fell 33 percent from a year ago.

(© Copyright 2011 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

Comments

One Comment

  1. insignificant says:

    huh…papers are still full o’ foreclosure notices in my county…i dunno that the numbers accurately depict the numbers of mortgages in default,or close to it …however ,how ’bout them big banks hiring construction companies to fix up all those degrading homes left vacant for a few years all over the country,eh?.Probably a plumber, or sheet rock guy,or carpenter,or painter or roofer,ect…out there who needs a job?

  2. Ali says:

    If you must forclose, look around, find a lawyer to delay as much as possible so you can live in your house free for up to 3 years. Also get a good tax guy as there is ways to not get taxed if you refinanced. Never accept what the mortgage company says. They lie. Do not agree to pay anything if you are upsidedown in your house value. Your credit can be fixed in 2 to 3 years.
    And remember to avoid all quick fix scams! Just google mortgage forcloser scams and read all about them…signing over your title etc….

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