Minn. legislators aim to close book on foreclosure horror stories

  • Article by: JENNIFER BROOKS , Star Tribune
  • Updated: January 16, 2013 - 9:38 PM

Minnesota House bill would put checks on foreclosure process.

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workforit1Jan. 17, 1312:35 AM

"Mike Freiberg, DFL-Golden Valley, and modeled after similar legislation in California" 1. The last thing we want to do is copy California in any area. 2. So we want to help people not pay thier bills? I love these stories about paying people who have been forclosed on or stop them from being forclosed on. PAY YOUR BILLS! Our parents did not have this problem, but then again that was a generation that looked to themselves to solve thier own problems. #stopdrainingthesystem

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dakmarknetJan. 17, 13 3:48 AM

Another round of applause to the DFL Legislature for their handling of this crisis. If this could have been done 2 years ago, alot of homeowners would have been saved from unethical foreclosure practices from financial instutions. Glad to see the responsible party back in charge. A tip of the hat to the MN Legislature.

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eman2001Jan. 17, 13 7:19 AM

Where do I line up for MY handout. I paid my mortgage on time for the last 8 years and my house is now worth $30,000 less than I paid for it.

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EleanoreJan. 17, 13 7:24 AM

A very reasonable bill. It should have been done years ago.

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mmediaJan. 17, 13 7:58 AM

What a Catch-22: "We can't work with you to modify your loan until you are officially behind; you are now behind, so we have started foreclosure. No wonder so many people did "key-drop" (strategic) foreclosures when the banks were so unwilling to work with people.

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mnscoresguyJan. 17, 13 8:25 AM

There needs to be some personal discipline in finances. One crisis should not lead to a person's demise. Does any person have to take responsibilty for their own mistakes anymore? Banks are paying back their bailouts, are homeowners paying back their mortgage losses?

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avejoeconJan. 17, 13 8:45 AM

There is an easy way to prevent this from happening. Pay your bills. I find it odd that someone signs a contract, and then, when they don't fulfill the contract, demand that the gov't step in to prevent the Bank from protecting themselves. Who will pay for this. The people that actually pay their bills. Their costs just went up to cover for those that don't pay their bills.

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dlzabzJan. 17, 13 8:53 AM

My house is worth $14k less than I paid for it in 2002. Only people who make money on houses are the realtors and banks. But I'm guessing it has never been a better to buy! (sarcasm)

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Truckman182Jan. 17, 13 9:15 AM

We are quickly becoming a society of more and more victims. All people do now is scream "unfair" and there is the good old governement there to back them up financially. The banks didn't make you miss your payment. You signed a contract with the bank. If you don't pay you don't get to keep your house. If you paid your bills on time this wouldn't be an issue. Don't blame the bank because you can't pay your bills as agreed.

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slowrideJan. 17, 13 9:26 AM

Mike Freiberg, DFL-Golden Valley, was just elected to his first term after serving 2 terms on the Golden Valley City Council....and already he is making a difference! The bill may need some tweaking to protect smaller credit unions, etc..but for the most part banks need to start working with homeowners who are making payments but can't refinance because the banks refuse too. The banks would rather have them foreclose so they can write off the loss and then turn around and resell it for less money to someone else. Meanwhile, all the "free" money they took from the taxpayer funded bailout is being used for other investments and high bonuses for bank execs, etc.. I know several homeowners who are making payments and want to refinance and the banks won't do it.

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