Foreclosures are a reality on Anoka County, Minnesota. Foreclosure is not the only solution for Anoka County homeowners who must get out from under an unaffordable mortgage. There is another method: the short sale.
Anoka County has 21 municipalities. Situated within the Minneapolis-St. Paul Twin Cities region, Anoka County offers public beaches, campgrounds, a golf course and natural settings, all within easy reach of a metropolitan center. Anoka County has the Rum River running right through it. There are even cross country ski trails and snow shoeing classes available through Anoka County Services.
Anoka County has programs to aid homeowners and homebuyers. It also looks to help rebuilding the Anoka County housing market. Anoka County has been hit by the home foreclosure crisis. The worst foreclosure rate in the metro area is in Anoka County, and Minnesota ranks 25th in the nation in foreclosures.[1] Many factors lead to foreclosure. Homeowners lose their jobs, or there is a health problem that makes it difficult for the homeowner to work. This leads to mortgage payments not being made and eventually can lead to foreclosure on the property.
Foreclosure first enters the picture when a mortgage payment is missed. After three months of non-payment, the lender makes their first move towards foreclosure: a “Demand Letter” or “Notice to Accelerate” is sent, requiring that the mortgage be made current within 30 days. Four months of missed payments, and the matter goes to the lender’s attorneys. The next foreclosure step is a sheriff’s sale of the property. At the end of the foreclosure process, during the redemption period, the homeowner can regain the property by paying everything owed on the mortgage and all the fees incurred during the foreclosure process. But, the fees from a foreclosure can add up quickly, and those foreclosure fees plus the money due on the loan can add up to a hefty sum.
Anoka County homeowners who are faced with imminent foreclosure should look to the Anoka County short sale agents at 763.607.1415 to weigh other options available to them. The Anoka County short sale agents are also knowledgeable about foreclosures. A short sale can work out much better for everyone involved. The streamlined short sale process benefits the lender, as it saves them administrative costs and court fees. The home owner is relieved of the burden of a mortgage they cannot pay by selling the house through a short sale. And, a fortunate buyer (having a buyer willing to purchase the property through a short sale is vitally important) comes into a great home purchased at a terrific price via the short sale. Call the Anoka County Short Sale experts at 763.607.1415 to find out more about buying a house or selling a home through a short sale, and to weigh the benefits of a short sale versus a foreclosure.
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[1] Chris Newmarker, “Minnesota comes in 25th for Q3 foreclosure Rate”, Minneapolis / St. Paul Business Journal, October 14, 2010, Web 11 Jan 2011, http://www.bizjournals.com/twincities/stories/2010/10/11/daily47.html.
