Whenever foreclosures slow down in a state, legislation is usually the main reason. In Minnesota, financial firms are now having to heed the terms of a new law designed to give borrowers every existing option before a foreclosure is enacted.
The MinnPost has more:
Minnesotans who have struggled to make their mortgage payments will get new leverage for saving their homes beginning Aug. 1 under a law that tightens foreclosure rules in the state.
The new law doesn’t necessarily spare homeowners from losing their properties. Instead, it seeks to ensure that eligible borrowers have fair and clear access to every available option to avert foreclosure.
