Residential Mortgage Foreclosures in Minneapolis
Home mortgage foreclosures are on the rise across the country. This growing national problem has hit home in Minneapolis, where foreclosed properties are showing up in almost every neighborhood. A review of foreclosure data is available.
The City of Minneapolis and its partners have mobilized resources to address the foreclosure problem. One of the partnerships, the Minnesota Foreclosure Partners Council, was established by the Family Housing Fund and is working to create a healthy housing market by addressing foreclosure at three stages: pre-purchase, post-purchase and remediation. This initiative, along with Minneapolis elected officials and City staff, are working aggressively on innovative and effective approaches.
Here’s what you can do
The City’s response to foreclosure
Plans to restore a healthy housing market
City partnerships that address mortgage foreclosures
Useful links
Here’s what you can do:
- If you or someone you know in Minneapolis is having trouble making mortgage payments, we can help: CALL 311
- Before you purchase or refinance a home, learn about mortgages and how to avoid risky ones, call the MN Home Ownership Center at (651) 659-9336
- Help us get the word out, by downloading, printing and distributing an information card about foreclosure, or including this information in your organization’s next mailing or newsletter
- Find out what your rights are if your landlord loses the building you reside in
The City’s response to foreclosure:
- Providing easy access to foreclosure counseling and assistance programs using Minneapolis 311
- Working with neighborhood organizations and developers to revitalize housing in areas hardest-hit by foreclosures
- Securing and maintaining vacant properties – when a foreclosure cannot be prevented – until they are sold
- Investigating suspicious real estate practices and working with state, county, and federal government officials to enforce Minnesota and federal laws.
Plans to restore a healthy housing market:
In Minneapolis, 3,000 properties are projected for foreclosure in 2008 and another 3,000 are projected for 2009. The City’s focus on prevention, reinvestment and market reposition in 2009, and beyond, will lead to market recovery in its communities.
- Neighborhood Stabilization Program (NSP) provides emergency assistance to state and local governments to acquire and redevelop foreclosed properties that might otherwise become sources of abandonment and blight within their communities.
- First Look Program is a national program piloted in Minneapolis and Saint Paul. The program is a tool to help facilitate the collaboration between national financial institutions and local efforts to restore neighborhoods hit hard by foreclosure.
Links related to First Look Program:
City partnerships that address mortgage foreclosures:
- 311 links callers with the MN Home Ownership Center and Twin Cities Habitat for Humanity to counsel prospective homebuyers and homeowners at risk of foreclosure.
- The Northside Home Fund works with neighborhoods to revitalize specific housing clusters in Hawthorne, Jordan, McKinley, and Willard-Hay. The Home Depot Foundation is supporting this targeted approach with an award of $500,000 for the Hawthorne neighborhood cluster.
- The Minnesota Housing Finance Agency has loaned the Family Housing Fund $10 million, with which Greater Metropolitan Housing Corporation will purchase and rehabilitate vacant homes and resell them. The Agency continues to invest in neighborhoods impacted by foreclosure.
- The Minnesota Foreclosure Partners Council works to identify, fund, and implement coordinated policies and programs that effectively address the impact of the recent surge in mortgage foreclosures on families, neighborhoods, and communities. Partners confront the practice and consequences of predatory and inappropriate lending by taking specific, innovative, and collaborative action including changes in policies and practices and the provision of resources.
Minnesota Foreclosure Partners Council [MFPC] Documents:
Media advisory (note: the Partners Council was formerly known as the Foreclosure Prevention Funders Council) (Feb. 2007)
What is the MFPC?
Homeowner Profile Matrix
Homeowner Tools/Products/Money Sources Matrix
Minneapolis & St. Paul Mortgage Foreclosure Prevention Program: Analysis of selected program data, 2005-2006 (May 2006)
Presentation to Hennepin County Bar Association (April 2007)
Greater Minnesota Foreclosure Prevention Summit (June 15, 2007)
Coordinated Plan (pdf)
Useful Links
Don’t Borrow Trouble Minnesota
Family Housing Fund
Habitat for Humanity Mortgage Foreclosure Prevention Services
Home Ownership Center
Minneapolis CityLiving Program
Northside Home Fund
Prevent Foreclosure Information Card (pdf)
Hennepin County Sheriff’s Website (Sheriff’s Sales)
Maps of recent foreclosures
Updated April 14, 2009
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