Aug24th
Friday, August 24th, 2007
How is one state addressing the current real estate foreclosure situation? Missouri like so many other states during 2006 experienced a dramatic rise in the total number of properties involved in some stage of foreclosure, yet the “show me” state isn’t sitting idly by and allowing any moss to grow on their feet.
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Since last year Missouri has seen its foreclosure rates increase to almost 240%. During January and February of this year alone the total number of foreclosures skyrocketed from 1,753 homes to 5,966 compared to the same time frame as last year. All counties across the state have been affected to some degree. Greene County for example reported a 124% increase in foreclosures in April 2007.
Contrary to the lack of response seen in other states, officials at the local government level in Missouri are taking some positive actions, albeit against almost overwhelming obstacles, to stop the foreclosure’s in Missouri, or at the very least look for ways to slow the growth and work towards a long term solution geared to preventing a reoccurrence of this magnitude. To their credit the state government has established a help center for residents trying to avoid foreclosure in Missouri. Known as the Missouri Homeownership Preservation Network it looks to help homeowners facing foreclosure find a solution to cure the default on their mortgage.
Understanding Missouri Foreclosure Laws
Missouri primarily operates as a title theory state where the property title remains in trust until payment in full occurs for the underlying loan.
Missouri law also permits mortgages to serve as liens upon real property and for judicial foreclosures to occur through the courts. The exact procedure used will vary, depending on the terms of the mortgage, but most
Missouri mortgages require the lender to give the borrower a definite warning prior to beginning foreclosure. A typical foreclosure process in
Missouri takes approximately 60 days.
Missouri has an onerous post-sale statutory right of redemption with respect to power of sale foreclosures which would allow a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs.Clearly the situation in the “show me” state isn’t improving…yet, but the citizens can take heart in the fact that their elected officials aren’t turning a blind eye to the situation. It is this writer’s opinion that of the fifty states Missouri is most likely to be one of the first to see recovery.
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Aug23rd
Thursday, August 23rd, 2007
Even when there may be a small cause for celebration regarding the foreclosure crisis in Minnesota news came out that put a damper on things.
Minnesota remained yet again among the lowest in the country in foreclosure rates, but still saw an almost 80% increase over last year. Whether this is a result of population density as compared to other states or not the increase seems to be proportional with what is happening in other areas
Minnesota is no different from other states in regards to the primary reason for the current foreclosure crisis. Aggressive lenders using dubious loan practices are yet again the primary contributor to this problem. To their credit the
Minnesota government took prompt, proactive and responsive action to this matter by passing over a hundred bills to deal directly with foreclosures and abuses in lending.In other news Minnesota housing officials attending a summit in St. Paul earlier this year reported that the surge in foreclosures encompassing the state may be much higher, at least twice as high, than was previously reported. Projections for 2007 predict the rate of foreclosures to range from 1 in every 1000 households in rural counties up to 2 of every 200 households in some of the harder hit counties. One area being hardest hit,
Northern Minneapolis, has taken a pounding with some 1,400 foreclosure auctions seen in the past year and a half.
Earlier in 2007 the Greater Minnesota Housing Fund and Housing Link project predicted 8,721 foreclosures over the course of 2007. Major fallout resulting from this is the number of abandoned properties across the state will adversely impact property values not just for homes near foreclosed properties but also entire neighborhoods. Some Minnesota Foreclosure Facts For a homeowner looking to stop foreclosure in Minnesota is might be prudent to have at least a passing understanding of the foreclosure process in that state. Non-judicial foreclosure is the primary method of foreclosure in Minnesota; however there are very stringent requirements for the notice and power of sale language in the legal documents. The foreclosure timeline in Minnesota is typically 60 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale.
Minnesota borrowers have the right of redemption and are allowed deficiency judgments.
Lenders in Minnesota may also choose to go to court for what is known as a judicial foreclosure. This type of proceeding is where the court issues a final judgment on a foreclosure. It is apparent that Minnesota has hardly escaped the growing foreclosure epidemic gripping the nation. Even with the state government’s steps to help curb the crisis the fact remains that foreclosures are still on the rise and there appears to be little relief in site.
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