Pawlenty announces aid for foreclosure counselors

From Associated Press


Counselors who help homeowners avoid foreclosure are in line for some extra state and private aid.

Gov. Tim Pawlenty announced the funding at a news conference with housing leaders. The aid includes $1 million from the state and $800,000 from private and local sources. Pawlenty says it should prevent 5,700 foreclosures next year.


Pawlenty says the subprime mortgage crisis is a major problem in Minnesota. Some estimates say 80,000 families are expected to fall behind on mortgage payments by the end of this year, and 20,000 are expected to lose their homes — twice as many as last year.

This is good news, but the idea that twice as many people this year will be affected by foreclosure woes as were last year is….disconcerting, and means that foreclosures and home auctions are going to be as common and ubiquitous as open house signs next spring.

If you are currently struggling to make your payments, or are in an adjustable rate mortgage that is due to adjust and dramatically increase your monthly payment, there are programs to help you.

Use the Contact Me tab above and I’ll put you in touch with a reliable loan officer who can explain the available options.


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