Home Destination's owner Jenna Thuening, a certified distressed property expert, can help distressed homeowners prevent foreclosure, determine foreclosure eligibility, help homeowners in foreclosure understand Minnesota's foreclosure timeline, decrier foreclosure terminology, and guide you to your best solution.
Help Is Available To Prevent Home Foreclosures
Our government sectors have implemented a number of programs to assist distressed homeowners who are at risk of foreclosure and otherwise struggling with their monthly mortgage payments. The majority of these programs are administered through the U.S. Treasury Department and HUD, including the National Mortgage Settlement, Home Rehabilitation Program, and the Minnesota Mortgage Program. In a strong effort to be responsive to the needs of today's homeowners, releases billions of dollars to homeowners wrongfully foreclosed on, offering new help for unemployed homeowners and homeowners who are underwater, owing more than their homes are worth.
Buyers of foreclosed home are best to be thoroughly prepared by securing financing in advance and making sure they are well informed, ready to take quick action, and have a strong dose of patience. by engaging a Realtor with extensive experience and training in distressed property is necessary as the transactions are often complicated and time-consuming. Knowing the balance of when to wait and when it may be needed to prod bank officials, loan servicers and others is a big part of the route to a success foreclosed home purchase.
While home foreclosures or short sale have their challenges, there are many resources available for homeowners. Act now and enlist Home Destination's help to receive the following benefits and save your home:
Search all bank and government foreclosure real estate in Minnesota
View seller information and have opportunity for Jenna, the industry expert, contact them on your behalf
All properties updated daily and new foreclosed properties added everyday
The inside knowledge of a Certified Distressed Property Expert
Full Address reports, video, and photo given when available
Access all real estate foreclosure properties 24 hours a day
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Home Foreclosures Minneapolis 2010
RealtyTrac estimated 400,000 homes avoided repossession in 2010 because of processing delays. The number of pre-foreclosure notices issued by Minnesota foreclosing entities increased 8% in 2010 over the previous year, jumping from 66,570 to 71,665. In the Twin Cities metro area, the number of home foreclosure notices received increased by 1,334, a 3% increase over 2009.
Home Foreclosures 2011
As of Oct, 2011 Minnesota has over 1,200 foreclosures and still counting while many more homeowners are over three months late on their mortgage payments and wondering how they will ever catch up. Jenna Thuening is a Certified Distressed Property Expert (CDPE) with years of experience combined with current training and certification. She can help you with Minnesota Bank Foreclosures & Government Foreclosed Houses, Federal Homes, Distressed Properties, and Commercial Foreclosures. All foreclosures, HUD, VA, and other government property home lists and listings are available to help real estate buyers seeking to buy foreclosed properties. The Twin Cities great outdoor life, many lakes, quality jobs, arts and museums, and have led to it been voted a top family city, and attracted the attention of many Twin Cities property investors to invest in the Minneapolis / St Paul metro area homes.
Home Foreclosures As Of May 2012
In Q1 of this year, there have been 4,836 foreclosures in Minnesota far, which is the lowest quarterly statewide total since 2007. Overall, the numbers are down from Q1 2011 by 10%. Although the Minneapolis and St Paul real estate communities are seeing a slow downward trend in home foreclosures over the past two years, it should be noted that the 4,836 foreclosures seen in Q1 2012 still far exceeds the 1,618 foreclosures averaged for each quarter in 2005, the first year sheriff sale records were totaled for the state of Minnesota.
US Federal Reserve Chairman Ben Bernanke said late Monday that he expects to see a very high rate of home foreclosures finish out 2011. "We hope to see this decline by next year," he said in a speech delivered in Georgia. He admitted that the rate of home foreclosures in not going down and will be increasing in 2012. As home prices soared at double digit rates during the recent, inflated housing market, many aspiring homeowners stretched themselves financially to purchase a home. The use of lower-interest rate ARMs, interest-only mortgages or option-ARMs that allowed Minneapolis home buyers to choose how to pay each month soared without our careful attention. With these balances becoming due, many homeowners are in or facing home foreclosures. According to the Mortgage Bankers Association of America, ARMs now represent 25 percent of the more than $8.5 trillion in outstanding loans.
RealtyTrac's spokesman Daren blomquist, told Minnesota Public Radio that homeowners should expect a rise in home foreclosures in 2012. The reason for the resurgence of foreclosures will be due in large part to mortgage companies catching up with backlogs of delinquent mortgages. Nationally, Blomquist believes we will see as much as a 25 percent increase in foreclosures in 2012. Foreclosures being sold by banks have held a particular attractive opportunity for residential investors. Depending on market conditions at a given time, the saturation point of Minneapolis foreclosed homes can be so plentiful in some markets that many consumers are purchasing them as primary residences.
Buying A Foreclosed Home Versus A Traditional Home Sale
Many local Minneapolis real estate markets that once were saturated with foreclosed properties are starting to even out. Increased numbers of prospective Twin Cities homebuyers are taking a closer look at buying traditional homes sales as home prices mend. Purchasing a foreclosure isn't just a simple matter of scoring a bargain. It may be more important to consider if the home is in proximity to work, schools, recreation, shopping districts, and medical facilities - depending on your personal needs. Keith Gumbinger, vice president of HSH.com, has termed buying at a bargain the "desperation factor" of the bank that needs to sell the property.
We will keep readers current on Minnesota foreclosed homes news. Home Destination can guide you through the process of buying Minneapolis home foreclosures - from determining how to begin your search to identifying a home, to negotiating with the sellers (whether homeowners, at auction, or purchasing directly from the lending bank), to home closing - contact Jenna Thuening today at 612-396-7832.
Minnesota Division of Property Records and Taxation
Some Minnesota foreclosed homes are sold by public auction. For example, Anoka County is conducting a Public Land Sale of tax-forfeit properties on November 14, 2012. The Division of Property Records and Taxation carries out the statutory duties of the offices of the Auditor, Treasurer, Assessor, Registrar of Titles and Recorder, exclusive of elections, investments and licensing. The mission of this division is to administer the property records and tax laws of the State thereby insuring the equitable allocation, collection and distribution of property taxes and accurate maintenance of land records in an environment of continuous improvement of the quality of our services.
Distressed-property buyers are often numbed by stumbling across misdirected anger by the previous homeowner, who may be taking their feelings of depression and loss out in a negative manner. Prospective home buyers are having to handle the fallout from the ruined lives of previous owners that result in vandalized properties and the burden of liens from second mortgages, taxes, unpaid utility bills, balances owed on homeowner-association dues and court judgments. If you are purchasing a home foreclosure, be sure to take in the full picture first. Final sale prices may not be significantly lower than traditional home for sale in some areas, because the foreclosure glut has also driven down prices for sellers who aren't underwater or in default.
Advice, directives, and real estate investors seeking to buy home foreclosures are warned as follows, "Tax-Forfeited Parcels are properties on which delinquent property taxes were not paid, title to the land and buildings was forfeited and title is now vested in the State of Minnesota. Following a review period per Minnesota Statutes, these properties are classified and open to the public to purchase. All property is sold 'as is' and may not conform to local building and zoning ordinances. The County makes no warranty that the land is 'buildable'. All sales are final, and no refunds or exchanges are permitted on foreclosures Minneapolis."
Investors Buying Up Minnesota Foreclosed Homes
One example is Two Harbors Investment Corp., a publicly traded real estate investment trust out of Minnetonka, Minnesota. Two Harbors has spent $4.3 million to buy 48 properties in Sarasota and Manatee counties since mid August, having all buying purchases from county-run online foreclosure auctions. It has create a challenge for individual investors. "It may be good for our market by keeping less distressed inventory from flowing in. But I somehow don’t think they have a complete grasp on the ramifications," says Mike Acklin in The Herald Tribune.
Here is an example of one property:
4025 WORCESTER RD, SARASOTA 1,296-square-foot house built in 1948
Price Paid: $67,500
Previous Purchase: September 2005
Tell us what you are looking for and we'll find homes that meet your criteria. Engage Home Destination and Certified Distressed Property Expert, Jenna Thuening to work on your behalf.
Use our mortgage calculator if your home is facing a foreclosure and you need a home loan modification. It will help you determine where you numbers stand and what loan payment levels you can afford. Be aware of current home mortgage delinquency rates The federal government reports that immigrant communities have a higher rate of foreclosure, and many unemployed are at are risk of losing their homes and receiving eviction notices, raising the number of homeowners facing homelessness. Additionally, many of our veterans face exceptional challenges coming home, facing adjustments and housing pressures. You can save your home or the home of someone you care about. Take immediate action. Contact Home Destination and enlist Jenna Thuening's help today. Call 612-396-7832.
Jenna Thuening, a Certified Distressed Property Expert who is passionate about assisting buyers, sellers and to help stop home foreclosures.
Eden Prairie MN 55334
Jenna's home page: homedestination.com
If I'm out in the field, you may quickly reach me by email: firstname.lastname@example.org and note how I can help you, or leave a message on my voicemail and I will get to you as quickly as possible.
Certified Distressed Property
Certified Distressed Property Experts (CDPE) can help bring extraordinary results. Jenna Thuening respects and understands your circumstances and can help you find your best options when facing a foreclosure or short sale.
Buyer Investment & Opportunities
At the moment, the many foreclosures mean that in the majority+ of the country, it's a buyer's market, including the Twin Cities. That means that more houses are for sale, stretches on the market are longer, and prices have bottomed, plateaued or, in some places, increased.
Real Estate Home Foreclosures
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