HECAT RFP Available for Nonprofit Housing Organizations

We've highlighted many times on the @Home blog how our collaborative network approach to homeownership education and counseling in Minnesota is unique.  One of key pieces of our successful collaborative approach is that we are the only state in the country with a dedicated pool of funds that provides financial support to eligible non-profit organizations to deliver a variety homebuyer and homeowner services. This dedicated pool is known as HECAT (The Homeownership Education, Counseling and Training Fund).

Some of the valuable services that are funded through HECAT include:

• Pre-purchase education and counseling (Home Stretch),
• Post-purchase education and counseling,
• Home equity conversion counseling (Reverse Mortgages) and
• Foreclosure prevention counseling

Funds for HECAT come from a public-private partnership of agencies and organizations that are fully invested in ensuring that Minnesotans have access to the education and counseling tools necessary to achieve successful (sustainable) home ownership:

• Greater Minnesota Housing Fund,

• Minnesota Housing (Finance Agency), and

• Minnesota Homeownership Center

Each of the funding partners not only contribute financial resources they also actively participate in the grant-making process and provide technical assistance throughout the year. 

The Request for Proposal (RFP) for funding for programs in 2013 and 2014 (funding year runs from October 1st through September 30th) is NOW OPEN.  The deadline for applications is 3:00pm on Monday, June 10th.  This is a STRICT deadline.

Submission of Applications:  This year, nonprofits that are interested in applying for the HECAT RFP, must submit their applications both electronically and a hard copy via mail/dropoff before the deadline.  A Box.com account is required for the electronic upload and it is HIGHLY recommended that you open an account well before the deadline to avoid possible issues.  

For more information about HECAT, or to view the RFP and even lists of award recipients from previous years, visit the Minnesota Housing website... here.

Uptick in Preforeclosure Notices: Blip or Trend?

A mixed-bag for foreclosures in Minnesota


On Wednesday, May 1st, the Minnesota Homeownership Center released its first quarter data on the aggregate number of Preforeclosure Notices received by foreclosure prevention specialists in the Homeownership Advisors Network.  The numbers send some mixed messages.  Overall… it’s something that we’ll need to track carefully over the coming quarters.  

In the first quarter of 2013, members of the Homeownership Advisors Network received 9,291 preforeclosure notices, 23% fewer than during the same time period in 2012, but a somewhat troubling 34% increase from the number received in the Fourth Quarter of 2012.  

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The Twin Cities Metro area also saw a similar situation with their preforeclosure notice numbers… down Year-Over-Year (-34.5%) while up from the fourth quarter of 2012 to the first quarter of 2013 (+25.1%).

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Interestingly… there was a WIDE variance in the year-over-year comparison of preforeclosure notices received by homeowners in the Twin Cities Metro:

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Suburban Hennepin County homeowners received less than HALF the number of preforeclosure notices in the first quarter of 2013 than they received in the first quarter of 2012.  However, 20% MORE Ramsey County residents received a preforeclosure notice when we compare the same time period.

While most Metro counties overall saw generous declines in the number of struggling homeowners… Anoka County bucked that trend and 44 more households received a notice in the first quarter of 2013 than in the same quarter in 2012.  (A 4% increase).

One quarter of data does NOT make a trend.  We’ll keep monitoring these numbers carefully over the coming quarters to see if a trend develops.

We certainly don’t want to sound like a broken record… but it’s also important to keep in mind that while the overall trend of preforeclosure notices continues to head in the right direction… the numbers signify that almost 10,000 Minnesota families continue to fall behind in mortgage payments.  Tens of thousands more are surely struggling to make mortgage payments and will continue to need the foreclosure prevention services provided by the Minnesota Homeownership Center and the Homeownership Advisors Network.

If you, or someone you know, is struggling with to keep up with their mortgage payments, or is worried about a FUTURE payment... don't delay, contact a Homeownership Advisor that specializes in foreclosure today!  To learn more, or to contact your local organization, click here.

Minneapolis Homeownership and Banking Fair is Saturday

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At the Minnesota Homeownership Center, we understand the importance of home. We love helping people get into homeownership – and stay there –especially when we can help turn first-time homebuyers into long-term successful homeowners. That’s why we’re so excited about an upcoming event we’re planning with the City of Minneapolis and a number of non-profit homeownership educators, housing developers, and lenders.


The Minneapolis Homeownership and Banking Fair will be held on Saturday, April 27th from 9am to 2pm (Open House) in Studio 185 of International Market Square.  This event will share information about programs available in Minneapolis, St. Paul and the Twin Cities metro area.  We hope you’ll join us! 

This fair is designed to be a one-stop shop for homebuyers and homeowners – you can learn about available down payment programs, meet with lenders, and explore whether homeownership is right for you. Stop by on your way to the Minneapolis and St. Paul Home Tour, and you’ll be able to search for your dream home (or dream kitchen remodel) with newfound confidence that you’re making informed decisions!

More than 20 organizations will be at the event including:  Bank of America, Build Wealth Minnesota, BMO Harris Bank, City of Lakes Community Land Trust, Greater Metropolitan Housing Corporation, Hmong American Partnership, Metropolitan Consortium of Community Developers, Minneapolis Area Association of REALTORS, Minnesota Housing, Neighborhood Housing Service of Minneapolis, Neighborhood Development Alliance, PRG, Inc., TCF Bank, Twin Cities Habitat for Humanity, US Bank, Wells Fargo. Best of all, this event is free and open to everyone. 

Take advantage of this unique opportunity to get your banking, lending, homeownership questions answered. We’ll bring the coffee. See you there!

Give us a call to learn more (651) 659-9336 Ext. 108 or laura@hocmn.org. You can also check out our event page.

Independent Foreclosure Review Payments to Begin Shortly

Consumers are warned to be careful!

At the end of March, Rust Consulting, the private contractor hired by the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board to oversee applications and payments for the Independent Foreclosure Review began mailing postcards to 4.2 million homeowners.  These postcards officially notify these consumers that they will be receiving IFR settlement payments.   The payments themselves will be mailed in the next four to eight weeks.

For more information about IFR, view some of our previous blog posts, here and here.

DON’T BECOME A VICTIM OF A SCAM.

Scam artists are ALWAYS looking to prey on consumers.  If you receive a postcard, make sure that the information is coming from Rust Consulting, that the phone number on the card is 1-888-952-9105, and that the website to visit is one of the following: 

• The Office of the Comptroller of the Currency (OCC: http://www.occ.gov/independentforeclosurereview), 
• The Federal Reserve Board (http://www.federalreserve.gov/consumerinfo/independent-foreclosure-review-payment-agreement.htm), or
• The Independent Foreclosure Review (http://independentforeclosurereview.com/).
  
  Any other solicitation may be a scam!

DO NOT PAY TO GET HELP:

• No one has to pay a fee to receive payment through the IFR.
• No one can ‘help you get more money’ as the amount of the payment has been decided by federal regulators.  The amount cannot be negotiated.
• The opportunity to request an independent foreclosure review is OVER.  If you were not on the regulators and the servicers lists – the deadline to apply was December 31, 2012 – paying someone will NOT get you added to the list.

For additional information, visit the Frequently Asked Questions page on the independent foreclosure review website, here.

NOTE:
The most recent postcards ONLY cover settlements with 27 major servicers.  (Click here for a complete list).  There are still 3 major servicers that have not settled:

• Ally (GMAC Mortgage), 
• Everbank, and 
• OneWest Bank (IndyMac).

If you have questions regarding the Independent Foreclosure Review or any mailing you receive about IFR, please contact a Homeownership Advisor in your area.  

If you, or someone you know is struggling with mortgage payments... visit www.hocmn.org or call the Minnesota Homeownership Center at 866-462-6466 today!  Waiting limits your options!

Foreclosure Counseling Has Saved Minnesota Billions of Dollars

26,000 homeowners avoid foreclosure thanks to Homeownership Advisors Network since 2008

The Minnesota Homeownership Center has released its Foreclosure Counseling report for 2012.  

This report provides a summary of demographic and outcome data from the foreclosure prevention counseling program provided by the Center's Homeownership Advisors Network.

Almost 6,000 Minnesota households availed themselves of free foreclosure prevention services last year, bringing the total to almost 70,000 households since the crisis began.  

Most importantly, more than 26,000 households successfully avoided foreclosure on their home since 2008.

According to the Joint Economic Committee of the U.S. Congress, the average cost of a single foreclosure is $78,000:

• $50,000 – Lenders (recent Standard & Poor’s study breaks this down)
• $19,227 - Local government – shrinking tax base, property maintenance, utility cancellations, policing.
• $1,508 - Neighbors – (decrease in home value, home is harder to sell or refinance.)
• $7,200 - Homeowner – (loss of equity, moving expenses, legal fees, etc.)

This means that, thanks to the extraordinary efforts of the Center’s Homeownership Advisors network… foreclosure counseling has saved Minnesota (lenders, municipalities and communities) over $2 Billion. 

Even more extraordinary is the fact that, according to our most recent cost survey, conducted by the Federal Reserve Bank of Minneapolis, foreclosure counseling costs, on average, just $400 per household.

To view the full report, visit the Center's website, here:

Foreclosure Prevention Starts Before the Mortgage Is Even Signed

Homebuyer education dramatically decreases probability of delinquency 

New research from NeighborWorks America conducted by Neil Mayer & Associates and the credit bureau Experian finds that homeowners that receive pre-purchase education and counseling services, like those offered by the Homeownership Advisors Network in Minnesota, are 30% less likely to become seriously delinquent on their mortgage in the first two years after closing.

The study looked at over 75,000 mortgages originated between 2007 and 2009 to see the effect pre-purchase education and counseling services had on the probability of a loan becoming seriously delinquent in the first 24 months:

The research shows that the investment the Minnesota Homeownership Center has made in homebuyer services over the last 20 years helped lessen the effects of the foreclosure crisis on Minnesota.

In the last ten years alone, almost 50,000 households have graduated from Home Stretch.  Thanks to the knowledge they received in Home Stretch, hundreds of homeowners avoided falling seriously delinquent on their mortgage.  For more information on Home Stretch, check out our most recent Homebuyer Services report, here.

NOW... Minnesota homebuyers have the option of completing this important workshop in person (Home Stretch) or ONLINE via Framework.    Framework is a high quality, interactive way to learn how to be a smart, confident and successful homeowner, FRAMEWORK™ provides the facts you need to become well-informed about every step in the process.

In addition, the Bipartisan Policy Center’s Housing Commission recently reiterated the important value of quality housing counseling.  According to the report, Housing America’s Future, ‘…housing counseling can improve prospective borrowers’ access to affordable, prudent mortgage loans, especially for families that otherwise might not qualify or who may experience other barriers to mainstream lending.’

Better access to quality loans, fewer delinquencies.
That’s why we support homebuyer services in Minnesota.

Foreclosure Prevention Counseling in Minnesota

The Minnesota Homeownership Center has released its Foreclosure Counseling report for 2012.  

This report provides a summary of findings from an evaluation of the foreclosure prevention counseling program provided by the Center's Homeownership Advisors Network. 

In Minnesota, local, free foreclosure counseling services are provided to ANY homeowner through a network of about 25 different non-profits, governmental, tribal and social service agencies throughout the state.

The report summarizes household and loan characteristics, service usage, and outcomes for homeowners receiving foreclosure counseling during the past twelve months. 

The complete report is available online at the Center's website, here.


Here are a few highlights from the report:

5,947 households received foreclosure counseling services in 2012, 

a decrease of 41% from 2011.  

47% of households receiving counseling services in 2012 

were able to avoid foreclosure.  

3 out of 5 households had mortgage payments that 

were more than 30% of their income 

(the traditional benchmark of mortgage affordability).

More than half of households served fell behind in their mortgage 

due to a loss or reduction in income.

If you, or someone you know, is struggling with to keep up with their mortgage payments, or is worried about a FUTURE payment... don't delay, contact a Homeownership Advisor that specializes in foreclosure today!  To learn more, or to contact your local organization, click here.

Lowest Number of Foreclosures Since 2006

17,895 homes sold at Sheriff’s Sale in Minnesota in 2012

The Minnesota Homeownership Center has just released its latest report on the number of foreclosures - as counted by completed Sheriffs' Sales - for every county in Minnesota.

The report, titled “Foreclosures in Minnesota,” identified a total of 17,895 foreclosures in Minnesota in 2012, a decrease of 16% from 2011. 

You can view the full report, here.

“We continue to see improvement in the housing market and we know that our foreclosure prevention efforts in Minnesota, combined with improvements in how banks and lenders deal with struggling homeowners are having a positive impact on the number of foreclosures,” stated Julie Gugin, Executive Director of the Minnesota Homeownership Center. “While we’re certainly moving in the right direction, we can’t lose sight of the fact that the number is still three times higher than it was before the crisis began. ”

Struggling homeowners are encouraged to seek help from a certified foreclosure prevention specialist that is a member of the Homeownership Advisors Network as soon as possible.  

Waiting limits a homeowners options.   If you, or someone you know is struggling with mortgage payments... visit www.hocmn.org or call the Minnesota Homeownership Center at 866-462-6466.  

Founded in 1993, the Minnesota Homeownership Center is celebrating 20 years of promoting successful homeownership throughout the state and has been one of the state’s primary responders to the foreclosure crisis.     

Leading Minnesota Home for 20 Years

A New Website to Celebrate our Anniversary


2013 is a special year for the Minnesota Homeownership Center and we've already started the festivities!  Founded in 1993, the Center is celebrating 20 years of promoting successful and sustainable homeownership throughout the state.   

Our first endeavor for this year is a complete overhaul of our website.  

We've updated with a simplified interface, new materials and tons of resources for both consumers and professionals, switching from English to Spanish at the click of a button and incorporating many new tools to simplify how users find and share the valuable information on our website.

          

Visit our website here: www.hocmn.org to see more!

Over the past two decades, we've been on the cutting edge of homebuyer education, homeownership support and foreclosure prevention and we’ll be communicating with you throughout the year as we release additional tools, resources and fun materials celebrating our anniversary year.  

Stay tuned!  

Dramatic Drop in Preforeclosure Notices

Another good sign for Minnesota's Housing Market


On Tuesday, January 22nd, the Minnesota Homeownership Center released its year-end data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network.  The numbers continue to show almost universal good news about the future of foreclosures in Minnesota.  

In the fourth quarter of 2012, members of the Homeownership Advisors Network received only 6,937 preforeclosure notices, 45% fewer than during the same time period in 2011, reaching the lowest level reported since the state legislature required the notices in late 2008:

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In total, Minnesota households received 28% fewer preforeclosure notices in 2012 than they did in 2011.  In addition, the preforeclosure notices are down just as dramatically in the Twin Cities Metro as well:

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The City of St. Paul seems to be the ONLY location where notices have not dramatically decreased.  We'll keep our eye on these numbers to see if the quarter four data is an anomaly or a sign of a deeper issue. 

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While it is encouraging that the numbers of preforeclosure notices received is down to the the lowest level since we started tracking these numbers, we can't lose sight of the fact that almost 40,000 Minnesota households continued to struggle with their mortgage payments in 2012.

If you're struggling with mortgage payments... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today. 

FRAMEWORK: Online Homebuyer Education...And Your Clients

Better buyers, faster closings, stronger communities.  Framework™ puts homeownership on a solid foundation

In late 2012, the Minnesota Homeownership Center, working with the Housing Partnership Network, began the release of Framework™, the most comprehensive online educational tool available to first-time homebuyers.  

At the Center, we know that informed buyers are successful homeowners... and YOU can help you clients succeed by working with us to promote Framework™ to your friends, families and clients.

During the month of January, the Minnesota Homeownership Center will be hosting a series of FREE webinars for professionals interested in learning more about this groundbreaking new online tool.

Engaging and intuitive, Framework™ allows homebuyers to easily access information and complete the course at their own pace.  Framework can even help your clients qualify for special financing programs that make homeownership more affordable (Visit the Center's website, here, for more information about our "Down Payment Resource Tool") and is accepted by most lenders including Bremer Bank, MN Housing, US Bank, Wells Fargo and more.

Now we're offering a series of webinars for you to see how Framework™ can help your clients, friends and families be successful homebuyers... and help YOU in your real estate, or lending business.

January Webinars:

Monday January 14, 2013

10:00am -11:00am CST

https://www2.gotomeeting.com/register/397262826

Friday January 18, 2013

1:00pm -2:00pm CST

https://www2.gotomeeting.com/register/791017314

Wednesday January 23, 2013

2:00pm -3:00pm CST

https://www2.gotomeeting.com/register/113022394

Click on any of the links above to register for these FREE informational sessions!

Mortgage Debt Relief Act – Extended One More Year

Ordinarily any housing debt forgiven by a lender or servicer (short sale, principal reduction, short refinances, deed-in-lieu of foreclosure, etc.) is considered taxable income by the I.R.S. and must be included (added) to a taxpayer’s gross income when calculating their income tax.

In 2007, the Mortgage Forgiveness Debt Relief Act allowed homeowners who received debt forgiveness to not have to pay taxes on the amount forgiven in most circumstances.  The law was then extended in 2009 for an additional three years (through 12/2012).

The ‘fiscal cliff’ deal that was recently signed by President Obama extends the exception for home mortgage debt forgiveness for an additional year covering debts discharged through the end of 2013. 

Minnesota homeowners need to know that there are MANY stipulations in the legislation.  Most importantly, for homeowners to qualify for debt forgiveness, their debt must have been used to “buy, build, or substantially improve” their primary residence.  This stipulation is especially important for buyers whose debt has been forgiven on a refinanced or second mortgage.

You can view a copy of our newly-updated fact sheet here.

Consult a qualified tax professional if you have additional questions about the Mortgage Forgiveness Debt Relief Act or the most recent extension.

Dozens of other helpful facts sheets about foreclosure and foreclosure prevention are available to the public and can be freely downloaded from the Center's website, here.

If you're struggling with mortgage payments... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today.

Top Women in Finance 2012: Center Board Member Vicki Shipley

The Minnesota Homeownership Center congratulates US Bank Vice President, and Vice President of the Center’s Board of Directors, Vicki Shipley for being selected as one of Minnesota’s “Top Women in Finance” by Finance & Commerce Magazine.

The Top Women in Finance award is given to principals, partners, executive vice presidents, CFOs, CEOs and managing directors at corporations in the finance industry as well as small and large business leaders throughout the state who have shown innovation, leadership, or some other notable qualities in the area of finance.

In her role as Regional Manager for Community Affairs, Vicki  has worked tirelessly to build strong connections between US Bank (and other financial institutions) and local community-based nonprofits.  As just one example of Vicki’s efforts, Finance & Commerce recognized Vicki’s innovative initiative that allows several community-based organizations to utilize unused US Bank office space.  The Minnesota Homeownership Center is just one beneficiary of this program.

Vicki is not the only connection the Center has with Finance & Commerce’s annual Top Women in Finance edition.  In 2010 (and 2007), another Board Member, Muffie Gabler, was a recipient and this year Commissioner Mary Tingerthal of Minnesota Housing, the state’s Housing Finance Agency that works closely with the Minnesota Homeownership Center on affordable housing issues, was also selected.

For a complete list of honorees, visit the Finance and Commerce article here.

Housing Holding Pattern: Preforeclosure Notices

A Good News / Bad News situation

On Monday, October 29th, the Minnesota Homeownership Center released its data on the aggregate number of Preforeclosure Notices received by counselors in the Homeownership Advisors Network for the third quarter of 2012.  

10,016 households were notified by their lender/servicer between June and September that they may find themselves in foreclosure if they aren't able to bring their mortgage payments current.

This number sends a mixed message that can be cause for celebration or concern, depending on your disposition:
  
The Good News -  Year over year, the numbers continue to show improvement for the number of households that are struggling with foreclosure as the number reflects a decline of 31% from the number received in the same period in 2011.  (14,586 vs. 10,016)

The Not-So-Good News -  We saw no improvement when we compare the number received in the third quarter with the number received in the second quarter.  When comparing the two quarters, we actually see a very minor 0.21% increase.

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The Twin Cities Metro area experienced a slightly larger increase in the number of notices from Q2 – Q3 (a 2% increase) and while it shows a substantial decline from the same time period in 2011 (-27%) the decline doesn't match the overall statewide decline (-31%, mentioned above).

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Overall today’s numbers show that while the foreclosure crisis is slowly coming to an end…we are, by no means, out of the woods yet.

In addition, we shouldn't lose sight of the fact that the numbers show that more than THIRTY THOUSAND Minnesota families continue to struggle with mortgage payments. You can help these families by connecting them with information, resources and effective foreclosure prevention help.  

Join us in spreading the word by placing banners on your blog/website… or asking your employer, social service agency or local government to post links to the Minnesota Homeownership Center’s website:

For electronic copies of banners you can use, visit: http://hocmn.org/en/bannerpage.cfm.

If you're struggling with mortgage payments... it's as you can see from this blog post.... you're not alone.  Thousands of others are also struggling.  More importantly, Minnesota has a statewide network of non-profit organizations that can help YOU put a plan in place to avoid foreclosure.  Last year, more than half of the people who sought out our services were able to avoid foreclosure.  Don't delay, contact us today.

A Free Gift From the Minnesota Homeownership Center

The Minnesota Homeownership Center would like to share a free gift with you...

Personalized luggage tags!

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We'll send you TWO FREE laminated plastic luggage tags use YOUR business card for the front of tag... you just need to send us a couple of cards for us to use... and then you can choose the design on the back that you prefer:

It's our way of saying THANK YOU for supporting the work and mission of the Minnesota Homeownership Center.

There's a fillable PDF form you can use to print out and mail us your cards, here... or just print out the image below:

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If you don't have a business card... you can send us a design you'd like us to use (Microsoft Word, for example) that measures 2" x 3"... and we'll use that for your tags!


The Fine Print:  When you send us your 'order', you're agreeing to sign up for our electronic and traditional mailing lists.  This offer is only valid for Minnesota residents.

NeighborhoodLIFT Program Offers DownPayment Assistance

If you spend any time with people who work in housing or real estate, you’ll hear certain ‘catch-phrases’ repeated over and over.  One of the most pervasive phrases heard over the last couple of years is “All Real Estate is Local.”  There’s a lot of truth in that statement… and it’s one of the reasons why the Minnesota Homeownership Center’s Homeownership Advisors Network is so successful at preparing homebuyers for successful homeownership.  

The Homeownership Advisors Network is made up of almost 50 different community-based non-profit, governmental and tribal organizations throughout the state.  The members are fully engaged in housing issues in their local communities and work on finding innovative ways to promote successful homeownership.  Two members of our network, Community Neighborhood Housing Services in St. Paul and Neighborhood Housing Services of Minneapolis, who are also NeighborWorks America affiliates, have partnered with Wells Fargo to bring the NeighborhoodLIFT program to Minnesota.

The NeighborhoodLIFT program is a collaboration between Wells Fargo and NeighborWorks America designed to provide down payment assistance and homebuyer education programs to aid housing recovery in areas that have been heavily impacted by the foreclosure crisis. In Minnesota, this program includes a $9 million investment for down payment assistance grants and homebuyer education and counseling programs to help homebuyers achieve successful, sustainable homeownership in the cities of Minneapolis and St. Paul. 

Minneapolis and St. Paul are two of about two dozen cities throughout the country that will benefit from a total investment of over $170 million that Wells Fargo has committed to the NeighborhoodLift program (also known as CityLIFT in other areas).

The new initiative was announced August 28 at a press conference at a home in North Minneapolis that has recently been remodeled by Neighborhood Housing Services of Minneapolis:

L-R Glennis Ter Wisscha (Neighborhood Housing Services of Minneapolis); Dave Kvamme (Wells Fargo); Jason Peterson (Community Neighborhood Housing Service)
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Recently Remodeled Home in North Minneapolis (Press Conference)
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The program will include a free event for potential homebuyers on Friday and Saturday, September 7th and 8th at the Minneapolis Convention Center, (Hall A) from 10am – 7pm.  At the event, buyers who are interested in purchasing a home in either of the cities can work with a member of the Homeownership Advisors Network and other housing counselors to see if they qualify for any of the down payment grants available through the NeighborhoodLIFT program – up to $15,000 – even if they haven’t yet chosen a home.  There will also be opportunities for buyers to preview featured homes for sale in Minneapolis and St. Paul neighborhoods.  Consumers who would like more information about the homebuyer workshop or to register, visit www.neighborhoodlift.org.


Here’s some additional information about the NeighborhoodLIFT down payment assistance program:

• Grant amount up to $15,000 for down payment assistance for the purchase of a primary, owner-occupied residence in either Minneapolis or St. Paul (surrounding cities are not eligible).
• The grant has a 0% interest rate and is forgivable 20% each year for five years (after the fifth year of continued residence, the entire amount is forgiven).
• Household income cannot exceed 120% Area Median Income
• Purchaser does NOT have to be a first-time buyer
• Homebuyer education is REQUIRED (Home Stretch certificate is accepted if the course was taken prior to 8/28/2012.  After 8/28/2012, the Home Stretch certificate must be issued by either Community NHS or Minneapolis NHS).
• This down payment assistance can be used with OTHER down-payment programs (speak with a Homeownership Advisor at Community NHS or Minneapolis NHS for more details)
• Most importantly: this down payment assistance can be granted REGARDLESS of who you choose to use as your primary lender (you do NOT have to have a first mortgage loan with Wells Fargo to qualify for the assistance).

Midyear Sheriffs Sales Report Released

MIXED MESSAGE FOR HOUSING: YEAR OVER YEAR DOWN 15% BUT VIRTUALLY UNCHANGED FOR THE LAST 3 QUARTERS, RATES STILL EXCEED HISTORIC LEVELS

The Center has released its most recent report on the number of homes sold at Sheriffs’ sales in Minnesota during the first half of 2012... and it sends a mixed message on the overall health of Minnesota’s housing market.   The report indicates that there were 9,565 foreclosures in the first half of 2012, a decline 15% from the same time period in 2011, but also shows that foreclosures have remained virtually unchanged for the last three quarters. 

The report, titled “2012 Semi-Annual Foreclosures in Minnesota:  A Report Based on County Sheriff’s Sale Data”, analyzes sheriff’s sale data, the only accurate means of identifying completed foreclosures, from each of Minnesota’s 87 Counties.  Minnesota is unique among other states in the availability of current, comprehensive foreclosure sale data. 

 “This report does not predict the future, but it sends a discouraging message,” said Julie Gugin, Executive Director of the Minnesota Homeownership Center.  “While the year-over-year declines are positive, we also know that thousands of Minnesota families continue to struggle with payments, and those numbers remain stubbornly high.”  

The Minnesota Homeownership Center, Greater Minnesota Housing Fund, Minnesota Housing and Family Housing Fund published the report, with research provided by HousingLink.

A full copy of the report is available at the MN Homeownership Center’s website: here.

More Good News For Housing in Minnesota

Preforeclosure Notices Resume Their Drop 


On  Thursday, August 2nd, the Minnesota Homeownership Center released its data on the aggregate number of Preforeclosure Notices received by foreclosure counselors in the Homeownership Advisors Network for the second quarter of 2012.


Notices received dropped 17% from the first quarter of 2012, reaching their lowest point since the law was enacted in late 2008.


In the second quarter of 2012, members of the Homeownership Advisors Network received 9,995 preforeclosure notices, 17% fewer than the previous quarter, and 25% fewer than the during Q2, 211:

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Encouragingly, the metro area also experienced a similar 16% drop in the number of notices received:

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There are, however, a few areas of the state that we’ll need to continue to monitor as they have bucked the downward trend of the rest of the state: the City of Minneapolis and, to a lesser degree, Carver County:

While the overall numbers are certainly cause for celebration… we also have to remember that this brings the year-to-date total of Preforeclosure Notices received by Minnesota homeowners to 22,101. 


More than 22 THOUSAND Minnesota families continue to struggle with mortgage payments.  You can help them by sharing the message that help is available.  For free.

This online advertising campaign (more info here) is already helping hundreds of struggling homeowners by connecting them with information, resources and effective foreclosure prevention help.  Join us in spreading the word by placing them on your blog/website… or asking your employer, social service agency or local government to post them.   For electronic copies of these ads, visit: http://hocmn.org/en/bannerpage.cfm.

New Online Ad Campaign for Foreclosure Prevention

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rotates through 4 panels 

The Minnesota Homeownership Center has launched a new online advertising campaign to reach struggling homeowners and get them connected to the Homeownership Advisors Network where they can get the foreclosure prevention services they need.

 

OUR STRATEGY:   This week, the Center  will begin an integrated digital (online) advertising program to reach struggling Minnesota homeowners through: 

• Search Engine Marketing (SEM) (Highlighted ads that appear on Google, Bing, Yahoo! and other search engines when consumers search for specific topics). 
• Online banner advertising through the Yahoo! Advertising and the AdTaxi networks.  

Online banner and SEM advertising allows us to limit production expenses and get the ad seen by as many targeted households as possible.  When all is said and done, the ads will have been posted over 4 MILLION times.

 

OUR TARGET:   Online data and web usage tracking allow us to target struggling homeowners that meet specific demographic profiles.  We’ll be focusing on these homeowners in:   

• the 7-County Metro area (Hennepin, Ramsey, Carver, Scott, Dakota, Washington Anoka)
• Isanti, Pine, Sherburne, Chisago, Mille Lacs and Kanabec Counties;
• The cities of St. Cloud, Duluth, Rochester, Mankato and their surrounding communities. 

By targeting these areas we are reaching the hardest-hit areas of the state as well as close to 75% of the statewide population.

 

OUR TIMELINE:   The banner and SEM ads will begin the week of July 9th and are scheduled to run through early 2013.   

 

WE'RE BEING PROACTIVE:  The Center feels strongly that we can't wait for homeowners in trouble to come to us.  We have to proactively reach out to them to let them know help is available.  That's what this campaign is all about.  It's a no-nonsense message -- we're an effective, free, non-profit way for any Minnesotan to access foreclosure prevention services.

 

WE'RE BEING EFFICIENT:  We chose an online campaign to reach people in the most efficient way possible, and to ensure we could have the conversation with homeowners at a time when they are just one click away from getting help.  

 

WE'RE FOCUSED ON OUTCOMES:  We didn't want a feel-good campaign.  We want MN homeowners to get help, and we'll be monitoring the campaign's web analytics in real time to see how we're doing.  If search terminology or ad placement isn’t working, we'll adjust.  We are hopeful this approach will prove to be both an efficient and effective way to connect homeowners to foreclosure prevention services, and we'll be carefully measuring against that outcome.

 

PREVIEW THE ADS.  Unless you fit the targeted demographic and geographic profile we’ve identified, you may not see our ads much, or even at all.  We have, however, uploaded preview versions of the ads to our website here: http://hocmn.org/en/bannerpage.cfm

 

YOU CAN HELP!  

We can send you these ads electronically so you can email them to others, put one on your website or ask that your municipality, local social service organization or other partners post it.  The more broadly the ad is seen, the more likely homeowners will get the help they need!