Klun Law Firm Welcome to the Klun Law Firm Informational Portal
December 2011
| Foreclosure-Short Sale or Walking Away | | “Strategic default” is a topic a lot of real estate experts are talking about these days. Some Minnesota property owners are so underwater with their mortgage that they are walking away from their obligations and choosing instead to default and give the home back to the bank. With falling property values and difficult economic times, walking away might be a homeowner’s best option, though one not to be entered into lightly.
Many homeowners are underwater on their mortgages. Most of these homeowners did not take out a bad mortgage nor did they buy a home beyond th...Read More >> |
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| | | Changes In Minnesota Tax Law | | In 2011, Minnesota’s Legislature decided to repeal the Homestead Market Value Credit and replaced it with a program known as the Homestead Market Value Exclusion. Beginning in 2012 the homestead credit will be eliminated. Under this new law, property taxes will increase for some homeowners. There will be no state paid credit, but rather the entire property tax levy will be paid by local taxpayers.
Minnesota is no longer providing a homestead credit and instead the entire levy is being paid by local property taxpayers. According to the State of Minnesota, this ch...Read More >> |
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