Tag Archives: foreclosure

Will the Mortgage Forgiveness Debt Relief Act be renewed?

Will the Mortgage Forgiveness Debt Relief Act be renewed? I wish I knew the answer to that question. Right now, there is a lot of uncertainty about the renewal of the Mortgage Forgiveness Debt Relief Act. According to the IRS website, the … Continue reading

Posted in Housing Law | Tagged , , , , , | Leave a comment

Fannie Mae is trying to “clean up its books”

This article in the Detroit Free Press, part 1 of a 3-part series, discusses how Fannie Mae claims that it tries to keep families in their homes, while at the same time pressuring banks to foreclose. Alan White, a law … Continue reading

Posted in Housing Law | Tagged , , | Leave a comment

“Buy and Bail”

“Buy and Bail” is the term used for homeowners who, while owning one house with an underwater mortgage, obtain a mortgage for a new house. Then, after they have purchased the new house, they “bail” on the underwater house by … Continue reading

Posted in Housing Law | Tagged , | Leave a comment

Florida’s Foreclosure Courts

The article, Florida’s High-Speed Answer to a Foreclosure Mess, discusses Florida’s new foreclosures-only courts that have been set up to reduce the state’s backlog of foreclosures. It is arguable whether these courts are constitutional and whether they violate homeowners’ rights … Continue reading

Posted in Housing Law | Tagged , , | Leave a comment

Fannie Mae threatens “strategic defaulters”

Fannie Mae recently announced that it plans to punish people who strategically default on their mortgages.  This announcement was met with skepticism by some housing and lending experts. It’s difficult to blame Fannie Mae for being nervous about people walking … Continue reading

Posted in Housing Law | Tagged , , , , , | Leave a comment

Upcoming “New Wave” of Foreclosures in Minnesota?

The Minnesota Home Ownership Center recently blogged about how the “next wave of foreclosures is rapidly approaching Minnesota.” It predicted that this wave of foreclosures will have a large impact on the outer-ring suburbs of the Twin Cities. Mortgage delinquencies … Continue reading

Posted in Housing Law | Tagged , | Leave a comment

Dakota County Foreclosure Prevention Program

The Dakota County Community Development Agency runs the Mortgage Foreclosure Prevention Program for Dakota County residents. If you are a homeowner in Dakota County who may be facing foreclosure, or if you are already in foreclosure, click here for more … Continue reading

Posted in Housing Law | Tagged , , | Leave a comment

Produce the Note

On the Credit Slips blog, Katie Porter recently posted a follow-up blog entry to an article that she wrote in 2007 about the failure of lenders to produce proper paperwork in bankruptcy mortgage claims.  The blog entry and the cases that … Continue reading

Posted in Bankruptcy Law, Housing Law | Tagged , , | 1 Comment

Is Minnesota a Recourse State?

When a homeowner is worried that they might lose their house to foreclosure, they are usually also worried about whether their state is a “recourse” or “non-recourse” state. In a non-recourse state, if the funds from the sale of the … Continue reading

Posted in Housing Law | Tagged , , , , | 18 Comments

Deficiency Judgments after Foreclosure in Minnesota

As I discussed in my posts about the different options for homeowners in “underwater” mortgages, Minnesota allows for deficiency judgments in some cases. See Minn. Stat. § 582.30. CNN recently posted this article about mortgage lenders pursuing deficiency judgments. These … Continue reading

Posted in Bankruptcy Law, Housing Law | Tagged , , , , | Leave a comment