Supreme Court Clarifies Rules For Rescinding MortgagesA unanimous Supreme Court ruled Tuesday that home buyers don't need to file a lawsuit, but may simply write a letter if they want to back out of a mortgage because they claim their lender violated the federal Truth in Lending Act.
Court To Clarify Process For Rescinding MortgagesThe Supreme Court will decide what a home buyer must do to rescind a mortgage that violates the federal Truth in Lending Act. The justices on Monday agreed to hear an appeal from a Minnesota couple who refinanced their home in 2007 with Countrywide Home Loans, Inc.
State's Property Taxes Mostly Static After RefundsMinnesota property taxes owed this year are mostly static once refunds and credits are factored in, state officials said Friday, despite their earlier prediction that those taxes would drop considerably. A Department of Revenue analysis shows a net $8 million drop in a property tax system that generates $8 billion a year.
Good Question: Why Are Mortgages Sold?After mortgage banker Alex Stenback of<a href="http://www.behindthemortgage.com"> Alerus Mortgage</a> helps people buy a new home, he sells off the mortgage. “We sell everything that we do here,” Stenback said. “When we sell them, it’s one by one.” About 80 percent of home loans are eligible to be sold. Stenback says it can happen for a couple of reasons. “One is there is $10 trillion in outstanding mortgages right now in the country and there's simply not enough deposits in all the banks to make that many mortgages," he said.
Survey: Young Adults Putting Mortgages Before MarriagesIs a home the new engagement ring? A new national survey shows more and more young couples are putting mortgages before wedding bands these days.
Ramsey, Hennepin Counties Sue Mortgage RegistryProsecutors in Ramsey and Hennepin counties are suing a company that runs a nationwide electronic mortgage registry, saying the company and mortgage lenders deliberately circumvented public tax rolls and failed to pay county fees.
Home Prices Rise In Most Major U.S. CitiesHome prices increased in September in most major U.S. cities, more evidence of a housing recovery that is providing a lift to the fragile economy.
Metro Foreclosure Rates FallA new housing report shows that foreclosure rates are falling in the Minneapolis-St. Paul-Bloomingon area. According to CoreLogic, a business data and analytics company, foreclosure rates are down nearly two percent from the same time last year.
Market Rates For The Middle Class
Mpls. Tornado Damage Complicates ForeclosuresMore than 200 of the homes damaged in the deadly tornado that hit north Minneapolis were already foreclosed or vacant, making it difficult to determine if the homes are insured.