A group of legislative Democrats wants what is termed a no-cost solution for responsible Minnesotans affected by home foreclosures.
Bills Democratic-Farmer-Laborite lawmakers back include expanding refinancing options for homeowners who are current on mortgages, but face problems such as owning more than the home is worth. Such programs can prevent homeowners from getting current low interest rates.
Another bill would delay foreclosures a year for homeowners who have lived in their homes at least 10 years.
Bills also would require banks to notify homeowners about every option available so they can avoid foreclosure.
“While Minnesota’s economy is improving, the Legislature shouldn’t sit idle while the foreclosure crisis continues to impact middle class families,” said House Minority Leader Paul Thissen, DFL-Minneapolis.
More than 21,000 home foreclosures were reported in the state last year.