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There is a new ruling as of June 15th, where the timeline could shift for a minnesota foreclosure in hopes that the lenders and homeowners can do more loan modifications.
http://www.foreclosurenightmare.com/LOANMOD-TIMELINE-Postponement of foreclosure affidavit.pdf
http://www.foreclosurenightmare.com/LOANMOD-TIMELINE-FactSheet_Postponement_foreclosureFAQ.pdf
The property is to be classified as homestead under Minnesota Statutes, section 273.124, is occupied by owner as a homestead, and is [...]

“From June 2008 to June 2009, the number of American mortgages that were 90 days or more delinquent soared from 1.8 million to nearly 3 million, according to the realty research company First American Core Logic.”
http://www.nytimes.com/2009/07/30/business/30services.html?pagewanted=1&_r=1
It appears from this article that mortgage servicers are in the business just to collect fees. They’s like to keep [...]

Here is a case study for
The property sold in 2009.  Scott County with a sales price of: $474,900
Amount owed on the property: $607,500
1st Mortgage $540,000
2nd Mortgage $67,500
Discount Negotiated $132,600
In February of 2009 we listed this property on the MLS for $474,900. We were able to get the house sold in less than 90 days for [...]

9001 E. Bloomington FWYBloomington, MN 55420 Suite 117Short Sale Assistance Group LLCAscendant Realty LLC/Brokerwww.wecallyourbank.com

You can see the full article here
http://foreclosurenightmare.com/loan-modification-risks.pdf
The 2nd way a loan mofication is done is Amortization Term Increase
The typical mortgage term is 30 years.  The loan is “amortized” or paid back with principle and interest over a 30 year period.  In order to make the loan more affordable, the lender may offer to extend the [...]

You can see the full article here:
http://foreclosurenightmare.com/loan-modification-risks.pdf
A loan modification is a change to the original terms of a mortgage.  When a borrower purchases property secured by a mortgage, the lender will specify the terms of the loan.  These terms include interest rate, amount of the loan, terms of the loan (number of years until the [...]

One of the most often asked questions by home sellers is how a foreclosure or a short sale will affect his/her credit.  The first answer is neither help your credit score go up, it’s about which will have the least impact on you.  The next part to that question as you can surely understand is [...]

Almost every foreclosure in Minnesota is foreclosure by advertisement, I want to describe to you a little bit how it would play out.
1st missed payment- Bank collectors start calling
2nd missed payment-Bank collectors get more agressive, usually after the 2nd missed payment the homeowner will get a NOD-Notice of Default of the terms of the loan.
3rd [...]

A ‘Short Sale’ is in essence a discount that a mortgage Lender is willing to accept off of the original balance of a loan (mortgage) encumbering real estate. Lender(s) will typically consider a short sale on properties that have little or no equity and are either behind in payments or in imminent danger of being [...]

Forebearance or Workout Plan with the Lender
Lenders will sometimes give homeowners the option of catching up missed payments by adding the amount owed to their original monthly mortgage bill.  The Homeowner must qualify for this and deliver all necessary paperwork to the bank in order for them to approve a forbearance plan.  So, as an [...]