Foreclosure Net

Posted on May 8, 2008
Filed Under Foreclosure Homes | Leave a Comment

It is a difficult task – slipping out of the foreclosure net but not something impossible. Repo Homes mitigation workshops are making this possible. One such hopeful is Fannie Riley. She left a workshop in north Minneapolis feeling upbeat about fighting off her foreclosure threat. Her first reaction was that she had learnt more than before. Fifty seven year old Riley owns a house on Lyndale Avenue North.

Riley was one amongst the many who had attended the workshop. On an average 150 individuals harangued by foreclosures have attended each of the two workshops that had been earlier held. Minnesota Home Ownership Center in St. Paul as well as Brooklyn Park has been taking the initiative in this matter. The borrowers were informed about the legal process of foreclosures, advice related to dealings with the lenders and specific words and tips for each individual case.

Riley shares her home with her octogenarian mother for the last five years. Her monthly payments of $1,309 had not bothered her much until she had to change her working arrangements. Last month she graduated as a mental health counselor but for her externship she had to cut back on her work schedule and this led to a cut back on her pay cheque. All this resulted in a piling up of $4,000 in back log. It seemed a vicious circle from which she would not come out. But things changed when she accidentally met Mike Christenson of the director of city development. He introduced her to the workshops taking place with the specific purpose of helping people like Riley. She just wants some time from her lender Wells Fargo, to get back on her feet. All she needs is a better job – something she is hopeful about once she completes the externship. Lenders gauge the situation and in similar cases where the possibility is there of the borrower meeting commitments they usually offer modification or repayment plans. In modification the missed payments are added to the amount of loan taken. In repayment one has to make extra payments in installments until one becomes current. Whatever the alternatives, Riley is determined not to let go of her property.

All are not as lucky as Riley. Glenn Oltman near Broadway and Penn Avenue N is bending under the weight of interest rate reset, physical disabilities and dispute with city fathers. He sees no light at the end of the tunnel.

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