The new changes in the mortgage laws in Minnesota have left many consumers in a bitter-sweet position. For the most part, the mortgage brokers that are left in Minneapolis are the professionals who call this industry their career. These individuals maintain a high standard of ethics to provide their customers with the best financing alternatives available on the market.

On the other hand, the unethical mortgage brokers that have left the mortgage industry in Minneapolis have left the career minded professionals with an uphill battle. Not only have these brokers practiced predatory lending but in doing so they have changed the landscape of the Minnesota mortgage industry. Due to their efforts, the Minnesota legislature has passed a law banning stated income loans, which mainly affect the self employed because of their write offs on their taxes at the end of the year.

Also, in their path of destruction they played their part in the lenders closing their doors to Minneapolis and Minnesota home owners. As months go by you will start to see an alarming amount of foreclosures as adjustable rate mortgages begin to sky rocket as home owners have no where to turn for financing. To top it off, these unethical mortgage brokers pushed their appraisers to indicate that they value is more then it actually is, which leaves many home owners in Minneapolis with a higher mortgage balance then the house is actually worth.

This is all bad news for those who are in over their heads, but on the flip side it is good news for those who put off home ownership. With an abundance of homes for sale or in foreclosure in Minneapolis, home buyers have the upper hand when it comes down to negotiating the price of a home. Current home owners are willing to do anything physically possible to avoid foreclosure, even if that means bringing in thousands of dollars to walk away.

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