The Minnesota Home Ownership Center has updated their Minnesota foreclosure process chart – all I can say is WOW! Makes a complicated subject much easier to understand. This chart discusses how the Minnesota process of “Foreclosure by Advertisement” works. There is a different process called “Foreclosure by Action” but it isn’t used frequently in Minnesota against homeowners but is more common with commercial borrowers. Click on the image for the full-size PDF. Hat tip to @Kablog for showing me this.
Props to TwinCities blog for sharing this chart to its readers. This is an much easier to understand and non real-estate people like myself could easily comprehend. Thanks!
Yes, I have to agree the illustration is very simple and easy to understand. Kudos to Minnesota for coming up with this one! Its very helpful specially for consumers such as me to understand!
I wish my state would follow what Minnesota did here. The complexity of this topic and others in general most often than not scares buyers away. I mysef, would like this type of flow chart/illustration presented to me anytime. Thanks for the info!
The economy is supposedly on the rebound… but I wonder how many people in Minnesota face foreclosure. How about the rest of the country? That’s be interesting to find out.
I’m happy that I came across this blog, very imformative. For someome, like myself who pretty much is not that knowlegeable with such processes this chart is a big big help! Someone should send this to all states, they can get lots of idea from here.
Mega kudos for passing on this data chart. I’ve always been baffled by the foreclosure process–and truly do not want to be a victim. I just figured a few delinquent payments would get your house taken away, but it seems like quite an elaborate process. Thanks for sharing the details.
I don’t know any realtors who take as much time to get involved & interactive as you. This website is a fantastic way to bridge that gap. I’m not in the market to buy today, but if I am, I’ll be sure to hit you up. Thank you!