July 15, 2018

Minnesotat Shutdown And Your Mortage: Should You Worry?

“As you are likely already aware the government of Minnesota has shut down due to budget issues. Some government services — including basic care for residents in prisons, treatment facilities and nursing homes — continue to operate. Unfortunately many more services have been suspended. Businesses will not be able to get licenses, road work has stopped and there is currently no funding for job training.

If you are someone who is in the process of buying a house with a mortgage during this shutdown you will likely have some concerns. There have been a total of five federal government shutdowns in the past. During these FHA mortgage loans were delayed, so it is natural that home buyers would be concerned about a shutdown on the state level.

Rest assured that Minnesota courts will still be open during this shutdown. Retired Judge Bruce Christopherson said that closing the courts would be a denial of residents’ constitutional rights. Any of your court dealings will proceed normally.

Those who should be most concerned about loan approval are state workers or those people who work in the private sector but could face a layoff due to the difficulties of the shutdown. If this is the case for you, you must call your lender as soon as possible.

Many lenders understand the hardship that the Minnesota shutdown has caused and are still willing to work with Minnesota residents. They understand that the fact that your paycheck isn’t coming is is temporary. This will not be the case for all lenders, which is why you need to keep in touch with the institution that was to issue your mortgage. You can protect yourself by staying abreast of the situation at hand.

Most people will not have to worry about loan approval during this trying time, but it doesn’t hurt to stay informed and contact your lender, anyway.

The most important thing to remember about this Minnesota government shutdown is that it is temporary. As much as residents’ lives are affected now the struggle will not be a permanent one. Governor Mark Dayton is now working diligently with Republicans to put an end to the shutdown, and a resolution should be reached shortly.”

Minnesota’s courts would continue to operate even during government shutdown

Will a Minnesota Government Shutdown Impact Your Loan Approval?

Minnesota Gov. Ready to End Shutdown

Minnesota residents suffer in government shutdown

Speak Your Mind

*


*