New Video - Emergency Homeowners' Loan Program

The Minnesota Homeownership Center has created a new video to assist consumers in understanding the new Emergency Homeowners' Loan Program.


As yesterday's post mentioned, under EHLP 1,405 selected (unemployed/underemployed) Minnesota homeowners will receive up to $50,000 in interest-free loans over the next two years to help pay mortgage costs. The loans are also 100% forgivable for homeowners who stay in their home for 5 years following the program’s completion.


The program can be a little difficult to understand, as it has very strict qualification guidelines and actually rolls out in several phases over the next few months.  MN Housing and the MN Homeownership Center have created a website: www.EHLPMinnesota.com to try and outline some of the program guidelines and explain to consumers how the program works.


NOW, the Center has added a new video that explains, in seven short minutes, the basics of the EHLP program and how to apply.  


Please feel free to share this video or embed it on your website!  If you do share it, please let us know in the comments or by email: ed@hocmn.org.


Here's the video:

To link to the video from your site, blog or email, use: http://youtu.be/qtQ2NBlxYFE


To embed the video on your site, visit the link above and click on the "Share" button below the video.

Payment Changes With a Fixed-Rate Mortgage

I have a fixed-rate mortgage... but my payment just went up.  How can that be?

This is one of the most common questions the Center receives from recent homebuyers who are wondering what's happening...

• Are they being taken advantage of by their lender?
• Has their loan been confused with someone elses?
• Did they sign the wrong paperwork at closing? 

Using the "Ask A Question" form on the Center's website... several homeowners asked this question, leading us to create a video podcast of the possible answers:

This short video, just six minutes long, gives an overview of how a monthly mortgage payment can change - even if someone has a fixed-rate mortgage.

This is the kind of information that is covered, in-depth, in the Home Stretch workshop.  If you're thinking about buying your first home, think Home Stretch first.

If you've already bought your home... and have a question about your mortgage or your payment, feel free to contact a local housing counselor today!

Foreclosure Postponement Video

Effective June 15, 2009 Minnesota state law allows homeowners that have fallen behind on their mortgage payments to delay, or postpone, the Foreclosure Sale (also known as the “Sheriff’s Sale” or "Sheriff's Auction") of their home by five months.

Postponing the Foreclosure Sale gives homeowners five more months to bring their mortgage current. The tradeoff - is that it also reduces the redemption period to five weeks. (Standard MN redemption period for a foreclosure by advertisement is 6 months).

Previously, the Center had created a fact sheet and affidavit to assist homeowners that might be interested in postponing their Foreclosure Sale.

Now the Center has created a video (available on our YouTube Channel here), that helps homeowners understand the Foreclosure law, the steps to take and other important aspects of foreclosure postponement in Minnesota:

Click here to view video on our YouTube Channel if embedded video is unavailable.

New Video Question: Buying a Home After Foreclosure

The Center has produced video #3 in its question and answer series.

This question comes from a former homeowner in Hugo who asks:

I went through foreclosure in 2008. By redemption period ended in December... will I be able to purchase another home in the future?

The answer to her question, is here:

Video Question #2 - Sheriff's Sale & Move-Out Date

The SECOND in our VIDEO QUESTION Series:

Today's question comes from Rebecca in Cottage Grove:

My Sheriff’s sale is taking place next week. A representative from the bank says that I have to vacate the property on that day… but I saw on your website that I have additional time to find somewhere else to live. Do I have to move next week? Do I have additional time, and if I do, how much time do I have?

Our answer via video, is here:

(Video Link)

Fun "Commercial" For Home Stretch

Yes... I admit it... I'm a geek.

I couldn't sleep last night, so I put together this short "commercial" for Home Stretch. It tells the story of a woman named Jill on her journey to buy her first home:





If you're thinking of buying your first home... or know someone who is... think HOME STRETCH first! You don't want to become another statistic of the housing crisis!


Thanks to http://stripgenerator.com/ for the cartoon characters.

Video Question #1 - First time home buyer

The Center has started work on a series of video-responses to on-line questions we've received.

Our first question comes from Tom in Bloomington:

I'm looking to buy my first home, and I found a site on the internet that can sell me a listing of HUD owned foreclosed properties for only $99.00... is this a good deal?

Our answer via video, is here: