Foreclosure prevention
276 homes in Bloomington were foreclosed in 2008.
What is foreclosure
Foreclosure is a legal action used by a mortgage company to recover money from a customer who
does not pay his or her debt in accordance with the terms of the mortgage agreement. The
foreclosure process begins with the first missed mortgage payment.
Reasons for pending foreclosure
Foreclosure is something that many people think can never happen to them. The reality is - it
can happen to anyone. A homeowner may face sudden extenuating circumstances that force them to
stop making timely payments. Here are a few of those reasons:
-
Rising interest rates.
-
Unemployment.
-
Divorce.
-
Health problems.
-
Death of a family member.
Ways to avoid foreclosure
If you are having difficulty making a payment, or you anticipate a problem in meeting your
mortgage obligations in the future, contact your lender immediately. Lenders would
rather work out a payment schedule than let the borrower get further and further behind.
The following files offer more information about avoiding foreclosure:
Beware of mortgage foreclosure scams
Need help understanding foreclosure?
If you feel that you need more information to help you understand the foreclosure process, your
rights and what steps to take, try the links below. These organizations offer assistance in
helping homeowners to avoid foreclosure.
Minnesota's new Foreclosure Postponement Law
(effective June 15,
2009)
Minnesota's new Foreclosure Postponement Law allows homeowners that have fallen behind on their mortgage
payments to postpone the 'Sheriff's Sale' or Sheriff's Auction by five months. Click on the
following links for more information.
President Obama's 'Making Home Affordable' plan:
What does it mean for Minnesotans?
Check these websites for more information:
Free foreclosure workshops and programs
Minnesota Home Ownership Program workshops
In partnership with Hennepin County, Hennepin County Libraries,
Saint Paul Public Libraries and Washington County Libraries, the Home Ownership Center is offering
a number of community workshops for homeowners facing foreclosure. These workshops will provide
information on what happens during foreclosures, homeowners' rights, and solutions for long-term
housing needs. Participants will be able to ask questions and get free advice - confidentially
- from mortgage lending and foreclosure specialists.
These workshops are free and open to the public. No registration is required.
- Tuesday, March 9, 6:30 - 8 p.m.
Park Grove Library, 7900 Hemingway Ave. S., Cottage Grove
- Tuesday, March 23, 6:40 - 8 p.m.
Augsburg Park Library, 7100 Nicollet Ave., Richfield
- Saturday, April 10, 11 - 12:30 p.m.
Wildwood Library, 763 Stillwater Rd, Mahtomedi
- Saturday, April 24, 10 - 11:30 a.m.
Sumner Library, 6100 Van White Mem. Library, Mpls
- Thursday, May 13, 6:30 - 8 p.m.
Bayport PublicLibrary, 582 North Fpurth St., Bayport
- Tuesday, May 18, 6:30 - 8 p.m.
Champlin Library, 12154 Ensign Ave. N., Champlin
- Tuesday, June 8, 6:30 - 8 p.m.
Hardwood Creek Library, 19955 Forest Rd. N., Forest Lake
- Thursday, June 17, 6:30 - 8 p.m.
Ridgedale Library, 12601 Ridgedale Dr., Minnetonka
For more information or directions, go to the Minnesota Home Ownership
Center  and look
for information about "Additional Borrowers Workshops."
Workshops on Video
Hennepin County, through its Public Affairs and Taxpayer Services departments, in partnership
with Minnesota Home Ownership Center, is now offering its web-based, mortgage foreclosure
workshop on video and in English or Spanish. The workshop includes information about the
foreclosure process, rights during foreclosure, and available assistance for homeowners, as
well as renters.
Foreclosure information for military personnel
For questions and answers for reservists, guardsmen,
and other military personnel, go to:
Foreclosure information for renters
Foreclosure listings
For more information, contact:
Housing and Redevelopment Authority
PH: 952-563-8937, TTY: 952-563-8740, FAX: 952-563-4977
E-mail:hra@ci.bloomington.mn.us
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