Minneapolis Foreclosures

It has been rumored that mortgage companies are clamping down on Minneapolis Real Estate Loft's, condo's and town homes in the down town area of Minneapolis and St. Paul. the mortgage companies are not so willing to take mortgages for these types of housing anymore. Why, there are to many companies in financial trouble. These companies are either development companies or even the property management associations.

The development companies are not being able to sell enough occupancy to support the debt on the project. The property management assocaitions on existing buildings are encountering lost revenue as too many of the units are non revenue generating. Caused much by the number of foreclosure in the complex.

As a result mortgage companies are now requesting information in the complex about how many units are owner occupied, how many are rented, how many are in foreclsure and a sighned affidavit from the property management company about it's financial situation. Wow, aren't I the happy one knowing I don't have to be paying additional associations fees for those empty units or non revenue generating places.

Make sure you are doing your home work when buying a condo, loft, or town home to check out all this information. Most mortgages companies will make you find this information anyway.