Leading Minnesota Home for 20 Years

A New Website to Celebrate our Anniversary


2013 is a special year for the Minnesota Homeownership Center and we've already started the festivities!  Founded in 1993, the Center is celebrating 20 years of promoting successful and sustainable homeownership throughout the state.   

Our first endeavor for this year is a complete overhaul of our website.  

We've updated with a simplified interface, new materials and tons of resources for both consumers and professionals, switching from English to Spanish at the click of a button and incorporating many new tools to simplify how users find and share the valuable information on our website.

          

Visit our website here: www.hocmn.org to see more!

Over the past two decades, we've been on the cutting edge of homebuyer education, homeownership support and foreclosure prevention and we’ll be communicating with you throughout the year as we release additional tools, resources and fun materials celebrating our anniversary year.  

Stay tuned!  

Dramatic Drop in Preforeclosure Notices

Another good sign for Minnesota's Housing Market


On Tuesday, January 22nd, the Minnesota Homeownership Center released its year-end data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network.  The numbers continue to show almost universal good news about the future of foreclosures in Minnesota.  

In the fourth quarter of 2012, members of the Homeownership Advisors Network received only 6,937 preforeclosure notices, 45% fewer than during the same time period in 2011, reaching the lowest level reported since the state legislature required the notices in late 2008:

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In total, Minnesota households received 28% fewer preforeclosure notices in 2012 than they did in 2011.  In addition, the preforeclosure notices are down just as dramatically in the Twin Cities Metro as well:

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The City of St. Paul seems to be the ONLY location where notices have not dramatically decreased.  We'll keep our eye on these numbers to see if the quarter four data is an anomaly or a sign of a deeper issue. 

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While it is encouraging that the numbers of preforeclosure notices received is down to the the lowest level since we started tracking these numbers, we can't lose sight of the fact that almost 40,000 Minnesota households continued to struggle with their mortgage payments in 2012.

If you're struggling with mortgage payments... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today. 

FRAMEWORK: Online Homebuyer Education...And Your Clients

Better buyers, faster closings, stronger communities.  Framework™ puts homeownership on a solid foundation

In late 2012, the Minnesota Homeownership Center, working with the Housing Partnership Network, began the release of Framework™, the most comprehensive online educational tool available to first-time homebuyers.  

At the Center, we know that informed buyers are successful homeowners... and YOU can help you clients succeed by working with us to promote Framework™ to your friends, families and clients.

During the month of January, the Minnesota Homeownership Center will be hosting a series of FREE webinars for professionals interested in learning more about this groundbreaking new online tool.

Engaging and intuitive, Framework™ allows homebuyers to easily access information and complete the course at their own pace.  Framework can even help your clients qualify for special financing programs that make homeownership more affordable (Visit the Center's website, here, for more information about our "Down Payment Resource Tool") and is accepted by most lenders including Bremer Bank, MN Housing, US Bank, Wells Fargo and more.

Now we're offering a series of webinars for you to see how Framework™ can help your clients, friends and families be successful homebuyers... and help YOU in your real estate, or lending business.

January Webinars:

Monday January 14, 2013

10:00am -11:00am CST

https://www2.gotomeeting.com/register/397262826

Friday January 18, 2013

1:00pm -2:00pm CST

https://www2.gotomeeting.com/register/791017314

Wednesday January 23, 2013

2:00pm -3:00pm CST

https://www2.gotomeeting.com/register/113022394

Click on any of the links above to register for these FREE informational sessions!

Mortgage Debt Relief Act – Extended One More Year

Ordinarily any housing debt forgiven by a lender or servicer (short sale, principal reduction, short refinances, deed-in-lieu of foreclosure, etc.) is considered taxable income by the I.R.S. and must be included (added) to a taxpayer’s gross income when calculating their income tax.

In 2007, the Mortgage Forgiveness Debt Relief Act allowed homeowners who received debt forgiveness to not have to pay taxes on the amount forgiven in most circumstances.  The law was then extended in 2009 for an additional three years (through 12/2012).

The ‘fiscal cliff’ deal that was recently signed by President Obama extends the exception for home mortgage debt forgiveness for an additional year covering debts discharged through the end of 2013. 

Minnesota homeowners need to know that there are MANY stipulations in the legislation.  Most importantly, for homeowners to qualify for debt forgiveness, their debt must have been used to “buy, build, or substantially improve” their primary residence.  This stipulation is especially important for buyers whose debt has been forgiven on a refinanced or second mortgage.

You can view a copy of our newly-updated fact sheet here.

Consult a qualified tax professional if you have additional questions about the Mortgage Forgiveness Debt Relief Act or the most recent extension.

Dozens of other helpful facts sheets about foreclosure and foreclosure prevention are available to the public and can be freely downloaded from the Center's website, here.

If you're struggling with mortgage payments... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today.