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Debt Relief – Insolvency – Bankruptcy Information » Uncategorized » Minnesota Boasts Nation-Leading Solution to Home Foreclosure Crisis

Minnesota Boasts Nation-Leading Solution to Home Foreclosure Crisis

Among the victims of the devastating economic crisis have been homeowners. Foreclosures surged nationwide in the latter half of the last decade — initially when the housing bubble burst and, more recently, as mass layoffs and depressed wages have forced workers out of their homes. Minnesota hasnapos;t been immune. Since 2005, more than 100000 foreclosures have occurred in this state — both in urban and rural areas — affecting one of every 20 households. But unlike most states, Minnesota leads the nation with a collaborate effort designed to prevent foreclosures, or at least mitigate their effects on communities. Members of the Minnesota Foreclosure Partners Council — a unique partnership between public and private agencies, communities and cities — has helped 25000 Minnesota homeowners avoid foreclosure within the last year. And a whopping 66 percent of homeowners who sought help since 2007 have avoided foreclosure. Simply put, this stateapos;s foreclosure prevention program is the envy of the nation. According to Ed Nelson, spokesman for the Minnesota Home Ownership Center, the innovative program was already in place here before the recession hit in 2008. Nelson said that Minnesota is the only state that has made a coordinated effort to prevent foreclosures when possible and also recover homes after the fact — when foreclosures are inevitable. And Minnesotaapos;s innovative program is saving the state lots of money. “Foreclosure prevention is by far the most cost


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