Foreclosure Prevention
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.
Reasons for pending foreclosure
A homeowner may face sudden extenuating circumstances that force them to stop making timely payments:
- Rising interest rates
- Unemployment
- Divorce
- Health problems
- Death of a family member
Ways to avoid foreclosure
- Tips for Talking with your Lender
- How to Write a Hardship Letter
- Understanding Workout Options
- What is "Short sale"?
- What is "Deed in lieu of foreclosure"?
Beware of mortgage foreclosure and short sale scams
- The Federal Trade Commission's "Foreclosure Rescue Scams"
- The Federal Reserve Board's "5 Tips for Avoiding Foreclosure Scams"
- Consumer Alert: Fees for Loan Modifications
- Short sale fraud scams to avoid
Need help understanding foreclosure?
- Community Action Partnership - CAP Hotline: 952-933-1993
- Home Ownership Center
- HUD - U.S. Department of Housing and Urban Development
- Minnesota Housing Agency
'Making Home Affordable' plan:
What does it mean for Minnesotans?
- http://www.hocmn.org/reports-resources/
- http://www.makinghomeaffordable.gov/
- http://www.hopenow.com/
Free foreclosure workshops and programs
Minnesota Home Ownership Program workshops
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.
For more information and directions, see Minnesota Home Ownership Center.
Workshops on Video
The web-based workshop includes information about the foreclosure process, rights during foreclosure, and available assistance for homeowners, as well as renters.
Foreclosure information for military personnel
Foreclosure information for renters
Foreclosure listings
- Hennepin County Sheriff's Foreclosures page
Find listings within Hennepin County. You may search by specific address, mortgagor or lien type. - U.S. Department of Housing and Urban Development's "HUD Homes" page
Locate properties that have been acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.
The Housing and Redevelopment Authority in and for the City of Bloomington (HRA) does not discriminate on the basis of race, color, religion, sex, national origin, age or disability in the admission or access to, or treatment or employment in, its services, programs, or activities. Upon request, accommodation will be provided to allow individuals with disabilities to participate in all HRA services, programs and activities.