Foreclosure: A Letter to Homeowners

Richard W. Stanek
Hennepin County Sheriff
Room 6 Courthouse
350 South 5th Street
Minneapolis, MN 44515

Telephone: (612) 348-3740
Fax: (612) 348-4208

To All Homeowners Facing Foreclosure:

Foreclosure is a difficult process at best.The Hennepin County Sheriff's Office advises you that a scheme called "equity stripping" can threaten your financial future and your ability to recover your property.

Equity stripping can occur when you allow an individual or company to acquire an interest in your property in return for their promise that you will be allowed to lease the property back. Many homeowners presented with this offer see it as an opportunity to remain in their home. However, too frequently, the loans offered never materialize, the rents charged are outrageously high, or there is a complete loss of equity for the homeowner.

The Hennepin County Sheriff's Office advises you to exercise caution if you are offered assistance by an individual or company that tells you they can save your home during foreclosure by buying it in a complex purchase agreement.

It is always wise to work with a real estate attorney if you are facing a foreclosure. If you are falling behind in your payments, contact the Home Ownership Center or the Minnesota Housing Finance Agency for assistance.