Print this story |
E-mail story |
Add a comment |
iPod friendly | Bookmark this
What is this?
County sees decrease in foreclosures
Published 06:00 a.m., September 27, 2009
Sales of foreclosed homes in Otter Tail County are down slightly compared to this time last year, a sign flexibility on the part of mortgage companies may be making a difference.
Authorities with the sheriff’s office had sold 62 foreclosed homes as of Aug. 20, according to Marcia Thompson, civil processing clerk. That’s down from 70 the same time last year. Total sales reached 108 in 2008, up from 89 in 2007.
It’s still too soon to know exactly how 2009 will shake out, though a number of factors seem to have slowed sales somewhat so far. Sales were being postponed as early as January, Thompson said, with only vacant homes up for auction. A government-imposed moratorium on sales from mid-February to early March was intended to give borrowers more time to negotiate with loan providers.
Sales have since resumed, though a growing number are being postponed as homeowners make last-ditch efforts to retain their property. Dep. Dion Bredman said the sheriff’s office will often begin the week with six or seven sales planned for Thursday, when an auction is held outside the courthouse. By the time Thursday arrives, only two sales may actually go through.
“It seems like they’re trying to give homeowners a little more time to work with the mortgage companies,” Bredman said.
Thompson has noticed it, too. Of the 11 homes scheduled to be up for sale Aug. 20, only three were actually sold. Sales of the remaining homes were either postponed or canceled altogether.
“The mortgage companies are getting better at postponing it if (the homeowner’s) trying to work something out,” Thompson said.
A new law effective as of June allows a homeowner to decide to postpone a sale. If a person chooses that option, the sale is delayed for five months. If the person isn’t caught up on payments by the time of the sale, the redemption period is only five weeks. Only one Otter Tail County homeowner had opted to work under the new law as of late August.
WOULD YOU LIKE TO SHARE THIS STORY?
Comments
The Daily Journal is happy to host community conversations about news and life in Fergus Falls and the surrounding area. As hosts, we expect guests will show respect for each other. That means we don't threaten or defame each other, and we keep conversations free of personal attacks. Those who persist with racist, defamatory or abusive postings risk losing the privilege to post. To post a comment you will need to register. Or, if you're already registered but have not included your true, verifiable identity with your registration, you will need to update your account to include your identity. Effective Dec. 1, 2009, all posts appear with the commenter's true identity, which must be verified by site staff. Those who registered prior to Dec. 1, 2009, should be aware that once you update your information with your true identity, all prior posts under your user name will also indicate your true identity. If you do not wish to link yourself to prior comments, you should register again with a different user name.Post a comment (Terms of Use Policy)
(Requires free registration.)
You may also register to comment in our forums at www.fergusfeedback.com.