John's Foreclosure Story

Summary: This is the story of John and his family who live in Minnesota and are facing a foreclosure on their property. The foreclosure is of a typical nature in that the family fell behind on their payments and were two months behind. Although they are now in a much more stable financial situation and they are currently able to pay their mortgage, the banks is still pursueing the foreclosure
due to the family's debt. John has tried to negotiate with the bank, offering to make partial payments o cover the previous two months of rent but the bank has denied his request. The whole thing is quite sad and really has a negative portrayal on the banks in this region.

Type of Foreclosure: Non-Judicial. Although not specified I am assuming this will be a non-judicial foreclosure since there is no mention of the family taking the bank to court.

Reason for Foreclosure. John and his family are facing foreclosure because they fell 2 months behind on their mortgage. This was due to some relationship issues John and his partner faced in previous months. When the couple separated, John's partner was unable to make the mortgage payments due to lessening of the family's income.

Type of Loan. Although not specified, the family did refinance their house for a lower monthly payment.