Be Wary of Unlicensed Loan Modification Companies
You should check the license status of any company offering mortgage loan modification services. And remember, there are free services available, also.
Foreclosure Information and Counselling
The Minnesota Department of Commerce is working with the Minnesota Homeownership Center to promote several upcoming public events that bring borrowers, mortgage counselors, and lenders together. This link will take you to specific information regarding these Borrowers Workshops. The department also has a helpline for mortgage counselors who are having difficulty reaching specific lenders. If you are a mortgage counselor who is having trouble reaching a lender on behalf of a client, please call 651-659-9336.
Choosing a Mortgage Lender
This guide will help you better understand how to choose a lender for purchasing a residential home. It focuses on mortgage originators, which are licensed by the Department of Commerce. The guide does not list all the regulations required of mortgage originators.
Real Estate Agent Red Flags
The majority of Minnesota's licensed real estate agents and brokers are well-trained professionals. Occasionally, however, you may run into an unlicensed person posing as an agent, or a licensed agent who is not following the rules of the profession. Here are some things to look for.
Understanding Title Insurance
Most first-time home buyers are familiar with many types of insurance (e.g., auto, life), but have no idea what title insurance is, and the role it plays in real estate transactions. In the rush to close such transactions as quickly as possible, title insurance is probably the last thing people are thinking about.
Real Estate Recovery Fund
The purpose of the Real Estate Education, Research and Recovery Fund is to compensate any person who has lost money due to a licensed real estate broker, salesperson, or closing agent's fraudulent, deceptive or dishonest practices, or conversion of trust funds.