2010 was record year for mortgage foreclosures in Dakota County
The number of mortgage foreclosures in Dakota County increased by about 300 in 2010, compared to 2009, according to the most recent figures numbers released by that office. Sales totaled 2,168.
According to Sgt. Rob Shingledecker, who is in charge of the Sheriff's Office Civil Division, the number is close to the number recorded in 2008, when 2,059 foreclosures were reported.
The numbers of mortgage foreclosures have been increasing since 2000 when the Sheriff's Office handled 159 sales.
As to what trends to expect this year, Shingledecker did not offer one - it is too early to say. One factor regarding the ongoing high number of sales appears to be the ongoing state of the economy - the unemployment rate is high at more than 9 percent, people have lost jobs or had their hours cut in their current positions. The housing market continues to be sluggish as best.
How it works
The Sheriff's Office becomes aware of the sales when the law firms (who file the notice of sales for banks and lending institutions) notify the office. The sales are held at 10 a.m. Monday through Friday in the Law Enforcement Office lobby. It is rare when someone other than a representative of the financial institution shows up for the sales.
If the homeowner pays off the delinquent payments, the law firm can postpone the sale. Or if the homeowner files bankruptcy, that can stop the sale.
In most cases, after the foreclosures sale occurs, there is a redemption period of six months in which the homeowner can repurchase the property. The records of the sales and certificates of redemption notices are on file in the Dakota County Property records Division.
According to state law, the homeowner has the right to redeem the property from the foreclosure lender. The homeowners are allowed stay in the property for this time period.
The most common way a homeowner is able to redeem the costs is by selling the home, assuming he or she has enough equity. Occasionally, they are able to obtain new financing.
When the redemption period expires, homeowners must be off the property.
Foreclosure sale schedules are available on the Dakota County website at www.co.dakota.mn.us/foreclosures. There is a link at both the Sheriff's Office and the Property Records sites.