Minnesota Senate Approves Foreclosure Bill

The Minnesota state Senate announced on Monday that they had given preliminary approval to the proposed home assistance bill that was aimed at helping homeowners in need fight off foreclosure. Foreclosure homes have been growing in incredible numbers in Minnesota, and are currently at record highs in many areas throughout the state, especially the Minneapolis / St. Paul area.

The bill would make it possible for some homeowners in distress to defer foreclosure proceedings for up to one full year, provided they meet the eligibility requirements. This would also require the homeowner to meet with foreclosure counselors to work out solutions to their problem, and to make minimum monthly payments along the way. Lenders, who were the biggest opponents of the bill, may avoid the year long deferment by acting in ‘good faith’ with homeowners towards finding a solution to their mortgage woes.

Other dissent came from the Republican side of the Senate, which complained that the government was stepping outside its boundaries by intervening in a private agreement between two parties. However, the majority of the Senate believes something must be done about the incredibly high level of foreclosure homes in Minnesota.

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