Even when there may be a small cause for celebration regarding the foreclosure crisis in Minnesota news came out that put a damper on things. Minnesota remained yet again among the lowest in the country in foreclosure rates, but still saw an almost 80% increase over last year. Whether this is a result of population density as compared to other states or not the increase seems to be proportional with what is happening in other areas.

Minnesota is no different from other states in regards to the primary reason for the current foreclosure crisis. Aggressive lenders using dubious loan practices are yet again the primary contributor to this problem. To their credit the Minnesota government took prompt, proactive and responsive action to this matter by passing over a hundred bills to deal directly with foreclosures and abuses in lending.

In other news Minnesota housing officials attending a summit in St. Paul earlier this year reported that the surge in foreclosures encompassing the state may be much higher, at least twice as high, than was previously reported. Projections for 2007 predict the rate of foreclosures to range from 1 in every 1000 households in rural counties up to 2 of every 200 households in some of the harder hit counties. One area being hardest hit, Northern Minneapolis, has taken a pounding with some 1,400 foreclosure auctions seen in the past year and a half.

Earlier in 2007 the Greater Minnesota Housing Fund and Housing Link project predicted 8,721 foreclosures over the course of 2007. Major fallout resulting from this is the number of abandoned properties across the state will adversely impact property values not just for homes near foreclosed properties but also entire neighborhoods.

Some Minnesota Foreclosure Facts

For a homeowner looking to stop foreclosure in Minnesota is might be prudent to have at least a passing understanding of the foreclosure process in that state. Non-judicial foreclosure is the primary method of foreclosure in Minnesota; however there are very stringent requirements for the notice and power of sale language in the legal documents.

The foreclosure timeline in Minnesota is typically 60 days from the time you miss your first payment until a Notice of Default or Notice of Sale is issued to your actual foreclosure date and sale. Minnesota borrowers have the right of redemption and are allowed deficiency judgments.

Lenders in Minnesota may also chose to go to court for what is known as a judicial foreclosure. This type of proceeding is where the court issues a final judgment on a foreclosure.

It is apparent that Minnesota has hardly escaped the growing foreclosure epidemic gripping the nation. Even with the state government's steps to help curb the crisis the fact remains that foreclosures are still on the rise and there appears to be little relief in site.

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