KSTP: Foreclosures in North Minneapolis
This investigative piece by KSTP talks about the extent of the foreclosure problem in Minneapolis. And with every foreclosure comes dozens of letters from hopeful equity strippers. In fact, many of those houses are probably in foreclosure because of predatory refinances, fraudulent assessments, and overstated income by unscrupulous mortgage brokers.
There are two parts to this problem. First and foremost, there are homeowners and home buyers who are not sufficiently informed about what they are doing. Second, and equally dangerous, are the numerous realtors, lenders, investors, and mortgage brokers who are happy to take advantage of that ignorance (and often, a poor financial situation, as well).
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