Initial Default Notices for Home Foreclosure Increase

The national trend is that foreclosure notices to homeowners behind on their mortgage increased by 14% according to a recent article in the Wall Street Journal This trend seems to indicate that banks are getting through the backlog of paperwork and beginning to work on all the foreclosures in the system. What this means for Minnesota residents is that if you are behind on your home, you need to look at your options, to determine how you can keep your home. If you have received a foreclosure or sheriffs sale notice in Minnesota, our office may be able to help you figure a way out of the default. If you are facing this situation you may want to look at a chapter 13 bankruptcy or working with your lenders to negotiate on your first or second mortgage.