Minnesota Law Provides More Protection in Foreclosures

May 24, 2013
Associated Press  
mortgage lending news

Minnesota Gov. Mark Dayton is expected to sign legislation giving homeowners in the state more protection against foreclosure. Banks and servicers would be obliged to provide mortgage modifications to everyone who is eligible, borrowers would have an extra 30 days to try to modify their loans, and servicers could not sell a property without clarification of workout status. Foreclosures are coming down in Minnesota in recent years but are still a big problem. Nearly 18,000 homes were foreclosed there in 2012 -- a number that is down about 16 percent from 2011 but is nearly three times the 2005 estimate.
Web Link







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`