Prebil and Murphy Show - Case Shiller Numbers

On Wednesday Morning, Ed Nelson from the MN Home Ownership Center was invited to join Shawn Prebil and Chris Murphy on the Prebil & Murphy Show on am1500 KSTP to discuss the rather startling Case-Shiller Numbers that were released on Monday.

A podcast of the 10:00 hour of the show is available on the KSTP website here (May only be available for a limited time). An MP3 is hosted on the Center's website as well, here. (It's a large file, so it may take some time to open).

SO... what DOES explain the Case-Shiller numbers? Here are some personal thoughts - take them with a BIG grain of salt:

1. Are investors jumping into the MSP market - and buying up the lowest priced homes to rehab/rent?
2. Are the number and availability of first-time buyer and down-payment assistance programs that have been announced by local cities, towns, lenders etc... causing the number of lower priced (generally the first-time market) homes to be sold at greater rates - dragging down the overall index?
3. Are banks discounting their foreclosure and REO properties to get them off their books - again dragging down the index?

Any other suggestions? Feel free to add your thoughts in the comments.

Personal Deficiency Judgments After a Foreclosure in Minnesota

Many homeowners that are facing foreclosure assume that the Sheriff's sale is the end of the process... that after the house is sold, their personal financial responsibility for the house and any payments are done.

THIS MAY NOT BE TRUE!

In Minnesota - if a house is sold at the Sheriff's sale - and the sale price isn't enough to cover all debt against the property - there may be PERSONAL financial responsibilities for the homeowner(s).

There are specific situations in MN where lien holders can seek a personal deficiency judgment, - in plain English: sue a consumer - for unpaid debt after a foreclosure.

The Housing Preservation Project, in cooperation with the Minnesota Home Ownership Center, and the Volunteer Lawyers Network, has put together a fact sheet that outlines what can happen in Minnesota if the Sheriff's sale price doesn’t cover all outstanding debt against the property.

The fact sheet covers the different types of foreclosure - including the difference between a foreclosure by advertisement and a foreclosure by action - and its effect on judgments. In addition, the fact sheet explains what can happen with second, and other junior, lien holders.

The fact sheet can be downloaded here.

Consumers that are having difficulty making their house payment should seek the services of a certified non-profit (FREE, Non-Biased) foreclosure prevention specialist to understand their options and responsibilities during a foreclosure. For a complete list of foreclosure prevention specialists, click here.

Renter's Rights in Foreclosure

The Minnesota Home Ownership Center is actively involved in all aspects of Foreclosure Prevention and Foreclosure recovery in Minnesota.

As we've mentioned before (here and here) some of the people hardest hit by foreclosure in Minnesota are TENANTS / RENTERS who find themselves in a situation that is out of their control.

Minnesota has been on the forefront of defending and improving tenant’s rights in a foreclosure.

Larry McDonough, Managing Attorney for the Housing Unit of the Legal Aid Society of Minneapolis has had an article published in the March-April “Clearinghouse Review” (Journal of Poverty Law and Policy – Volume 42) that carefully outlines the work that has been done in Minnesota. (Subscription required to view article). For additional information about the article, contact Larry McDonough at Legal aid.

If you are a TENANT and your LANDLORD is facing foreclosure… there are helps and assistance available to you. For more information, click here.

The Center Earns Charities Review Council "Meets All Standards" Seal

The Minnesota Home Ownership Center is proud to announce that it has been awarded the Charities Review Council “Meets All Standards” Seal indicating that it meets all sixteen of the Council’s Accountability Standards!

The Charities Review Council evaluates nonprofit organizations in Minnesota in four critical areas:

• Public Disclosure
• Governance
• Financial Activity, and
• Fundraising.

By participating in the evaluation/review, nonprofit organizations, like the Center, can demonstrate responsibility, integrity and transparency to their constituents, funders and partners.

The Center is pleased to be listed as a reviewed organization on the online Giving Guide of the Council’s Smart Givers Network, www.smartgivers.org and the Council’s Smart Giver newsletter distributed to more than 18,000 subscribers in Minnesota.

A detailed report on the Center's activities and the results of the Charities Review Council's Accountability Review can be found here: http://www.smartgivers.org/SmartGiversReview/411741817.html

We've added the "Meets All Standards" seal to the sidebar of the blog, which links to the Center's results page on the SmartGivers website.

UPDATE: Interested in financially supporting the Center? Visit our donation page here.

Safe at Home Documentary - Airs Sunday Night!

Safe at Home: Preveventing Foreclosure, gives an overview of the foreclosure prevention efforts of the Statewide Counseling Network of foreclosure prevention specialists. It explains the current mortgage crisis in Minnesota and, more importantly, explains the efforts that are underway to assist consumers and rebuild neighborhoods.

The program comes to life with the contributions of two brave home owners who were willing to share their personal stories so that Minnesotans watching could learn about the real warning signs of falling behind – and the benefits of counseling.


This documentary airs for the first time Sunday Night, May 17th at 7:00pm on TPT's Minnesota (MN) channel.


Here's a list of providers that broadcast the TPT Minnesota Channel, and the channel number:

For more information, visit the Center's website, here: http://www.hocmn.org/safeathome.cfm

HECAT RFP Technical Assistance Sessions

The Minnesota Home Ownership Center is pleased to announce that it has scheduled three technical assistance sessions for non-profit organizations that are thinking submitting an application for funding from the 2009/10 Homeowner Education Counseling and Training Fund (HECAT).

Each session is two hours long, and includes a review of the HECAT program concept and goals, selection criteria and application requirements.

All organizations that are thinking of appying for HECAT funds are encouraged to attend one of the sessions.

For more information, and to register, visit the Center's website here.

HopeNow Borrower Workshop - Resource Listing

As we've stated in other blog posts, the Center is proud to participate with the Minneapolis Federal Reserve Bank (Fed), NeighborWorks America & the HopeNow alliance to co-host a foreclosure prevention workshop in St. Paul.

As a reminder, the workshop will be held at the RiverCentre in St. Paul on June 4th.

In addition to the 'standard' resources available at a HopeNow event... where homeowners who are either falling behind, or in danger of falling behind, on the mortgage can speak one-on-one with their servicer or lender - AND - speak with a non-profit housing counselor, the St. Paul event goes one step further.

At the event, while homeowners are waiting to speak with a counselor or their servicer, they will be able to visit a resource fair as well. Resource providers include agencies and organizations that can assist distressed homeowners with repair/rehab issues, energy assistance, taxpayer services, employment assistance, food assistance and many others.

For a complete list of resources, visit the HopeNow Event page of the Center's website here.

The page also lists additional information about the workshop... including a list of non-profit counseling agencies that will be participating. A list of all lenders and servicers will be included as soon as it becomes available.

Safe at Home: Preventing Foreclosure

The Minnesota Home Ownership Center, in partnership with Twin Cities Public Television (TPT) and PRG, Inc. has produced a documentary entitled: "Safe at Home: Preventing Foreclosure"

Safe at Home: Preveventing Foreclosure, gives an overview of the Foreclosure Prevention efforts of the Statewide Counseling Network of foreclosure prevention specialists. It explains the current mortgage crisis in Minnesota and, more importantly, explains the efforts that are underway to assist consumers and rebuild neighborhoods.

The program comes to life with the contributions of two brave home owners who were willing to share their personal stories so that Minnesotans watching could learn about the real warning signs of falling behind – and the benefits of counseling.

The documentary begins airing on Sunday, May 17th at 7:00pm on the Minnesota Channel.

For additional information, click here.

151 Radio Stations!

The radio actuality (similar to an audio/radio format press release) that the MN Home Ownership Center produced about the release of its 2008 Foreclosure Prevention Counseling Program Report was picked up by 151 radio stations throughout the state!

That is, without a doubt, a record for the Center!

If anyone was able to record any audio from any of the newscasts throughout the state... we'd love to hear them! You can send them to Ed Nelson here at the Center: ed@hocmn.org

You can listen to the Radio Actuality, HERE.

The entire 2008 report - and lots of other supplemental information - is available on the Center's website, HERE.

MPR Interview with Mark Ireland

Minnesota Public Radio ran a story on Wednesday, April 29th entitled "Why foreclosure help isn't working". While the title is a little unfortunate, we're pleased that local attorney Mark Ireland, with the Foreclosure Relief Law Project, highlighted (repeatedly) the need for struggling homeowners to work with a trained, qualified foreclosure specialist - like those counselors in the MN Home Ownership Center's network.

You can read more about the conversation and listen to the program, here.

If you are having difficulty with your mortgage payment, don't delay, contact a foreclosure specialist TODAY.