Monday, June 29, 2009

Twin Cities Pre-Foreclosure Notices

Minnesota State law (MN Statute 580.021) requires that the foreclosing party provide information regarding foreclosure prevention counseling services to the mortgager (homeowner) AND provide the homeowner’s name, address, and most recent known telephone number to an approved foreclosure prevention counseling agency - BEFORE filing the notice of pendency.

Once The Minnesota Home Ownership Center's network of foreclosure prevention agencies, recieves notification from the lender/servicer/homeowners association, they then contact the homeowner, and track the number of notifications received during the month in their monthly reporting to the Center.

The Center has decided to publish here on the blog the 7-County metro area numbers of pre-foreclosure notices that the network agencies have received. This will allow everyone to see upcoming trends in foreclosure numbers - as well as highlight the outstanding job that our network partners do to reach as many homeowners as possible.

The latest numbers do not show a slowdown in the number of pre-foreclosure notifications - and actually show that the trend-line continues to increase:

(Click on an image to see larger version)

Now, through the efforts of our counselors, lenders, servicers and the homeowners themselves, not all of the homeowners that receive a pre-foreclosure notice will necessarily be foreclosed upon - - but the numbers show that Minnesota is still far from seeing the end of its foreclosure crisis.

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