Request Foreclosure Help
Home Destination
If you or someone you know is facing foreclosure and is seeking to engage an experienced CDPE, feel free to contact me immediately, and I will respond to your request on a priority basis. Taking action as soon as you can ensures that you have the most and best options available.
×Foreclosures Effecting Unemployed In Twin Cities Area:
Minnesota unemployment rate effecting unemployed mortgage holders, short sales and forbearance.
Fannie Mae and Freddie Mac Extend Help To Unemployed
say they will extend their existing programs so that unemployed borrowers can defer part or all of their monthly payments for up to 12 months. Jenna Thuening helps Homwowners in distress understand key timelines; like, foreclosure proceedings often begin after the third consecutive missed mortgage payment when the lender issues a “Notice of Intent to Foreclose” to the borrower.
Foreclosures Effecting Unemployed In Twin Cities Area
In 2009 Minnesota initiated a law that will in effect delay foreclosures in the state. This was an effort to provide additional time for all parties to find some type of solution. You will need to apply and to complete an affidavit. For additional information about the process, contact Jenna Thuening, a CDPE with in depth experience, immediately.
The Foreclosure Prevention Assistance Program
(FPAP) helps Minnesotans who are facing foreclosure due to a temporary financial crisis- including the unemployed. It will provide help by providing case management services and, if applicable and qualified, a mortgage payment or other financial assistance on a one time basis. This program is managed and delivered through community-based nonprofit organizations. Dial 800-710-8871.
CDPE Announcement To Unemployed Mortgage Holders
The CDPE announces that effective Feb. 1, Freddie Mac is giving mortgage servicers expanded authority to provide six months of forbearance to unemployed mortgage holders without prior approval, and an additional six months (12 months total) with prior approval. This new policy essentially doubles the previously offered forbearance period.
Watch a video on YouTube on foreclosures effecting unemployed.
Important Note For 6 Months Of Forbearance To Unemployed Mortgage Holders:
This applies to Freddie Mac-owned or guaranteed loans only.
There is ACTION required. The homeowner must contact the servicer to request the forbearance. It is very important that homeowners will need to contact their servicer to apply. Call Jenna Thuening, a fully certified distressed property expert (CDPE) with vast experience, today at 952-829-1570 to have a foreclosure expert working on your behalf.
Borrowers that are already delinquent in an existing short-term forbearance plan can be evaluated for an extended forbearance term under the new policy.
WARNING: You may lose your legal rights if you miss deadlines. Deadlines are extremely important in many legal situations. You may lose important legal rights if you do not act promptly. Contact an attorney for legal advice and for information about possible deadlines.
Short Sale Option
For homeowners who can no longer afford to keep their mortgage payments current, they may need to consider a "short sale". Speak to Jenna Thuening, a Certified Distress Property Expert, for skilled advice on your unique circumstances and timelines. Overall with workers feeling more secure about their employment prospects, more people moved forward with big-ticket purchases that were put on hold during the recession.
With Minnesota's unemployment rate at 5.2 and 8.2 percent respectively in November and an economy threatening a double-dip recession, why did we see a slowing in foreclosure activity the first half of 2011?
Due to greed and corruption that led to the U.S. housing market collapse, mortgage lenders have had to resubmit paperwork for foreclosures that had been previously approved
States requiring court involvement in the foreclosure process are experiencing a back log of cases to get through
Some lenders are trying to keep residential home borrowers in their current homes by offering loan modification programs
Instead of foreclosing and evicting homeowners in the middle of our Minneapolis mortgage crisis, some lenders are trying to keep borrowers in their houses simply to avoid the burden of carrying the home long term ending up on them
Everyone feels foreclosures
Few communities are immune from the effects of foreclosure on your unemployed neighbors. It is best to be aware that foreclosed properties decrease nearby property values and can increase crime and disorder in neighborhoods, effecting neighborhood real estate market home prices.
