Homeowners should call 311 for help at the first sign of foreclosure trouble

Communities across the country are seeing dramatic increases in home mortgage foreclosures, and unfortunately that is true in Minneapolis as well. This situation has prompted the City of Minneapolis to take action and help residents stay in their homes and keep their neighborhoods intact.

Like many major cities in the country, foreclosures are a serious problem in Minneapolis. There were 678 foreclosure sales from Jan. 1 through March 31, 2007, more than twice the number from the same period in 2006.

The highest concentration of foreclosures is in North Minneapolis. In the first quarter of 2007, there were 384 foreclosures in the neighborhoods that make up the Near North and Camden communities. That accounts for more than half of the city’s total.

Foreclosures give mortgage lenders, such as banks, the right to repossess properties when borrowers are unable to pay off their loans. In addition to leaving residents without their home investments, these foreclosures also undermine communities. A foreclosed home can remain empty for months or even years, becoming a target for arson and other vandalism. This often leads to increased crime and decreased property values throughout the affected neighborhood.

The best way homeowners can prevent foreclosure is to take action at the first sign of trouble. Minneapolis 311, a toll-free number for city information and services, is a simple way homeowners can do just that. Call center agents can connect residents with organizations that help people avoid foreclosure. The sooner a homeowner calls 311 for help, the greater the chances that he or she will not lose their home.

If you need an agent on your side give us a call at 612-282-SOLD.

Derrick