Legendary Artist Prince Narrowly Escapes Foreclosure on Minnesota Land

05-Jun-2011 The recent increase in foreclosures has affected countless people in the Midwest. One person you may not have suspected to be at risk of foreclosure is the famous artist Prince.

Prince owns a 20-acre property in Chanhassen Minnesota that he purchased for $605,000 in 1994. The home that was originally on the property was torn down in 2005. The property is currently valued at $1.5 million 

Bankrate.com reported that Prince was $368,382 behind on his mortgage on the property. When a debtor has fallen 90 days behind on their mortgage they are typically considered delinquent. Once a debtor is delinquent a lender will notify them that without payment they will we foreclosed on.

At this point a debtor has the option to pay the late balance in full or to ask the lender for a loan modification that will allow them to keep their home and continue more reasonable payments. Loan modification may include a lower interest rate, principal reduction, special forbearance that stops payments for a set amount of time or waiving penalties or fees that have built up.

In Prince's case it has been reported by several sources including the Chaska Herald of Chaska Minnesota, that Prince made a payment to his mortgage company for the amount due on the property. This payment successfully cancelled the foreclosure notice and reinstated the mortgage.

This is not Prince's first time being found delinquent with his finances. A year ago Prince paid $1.3 million in current and back taxes from 2009 and 2010 on his 14 properties in the area.

Although Prince was able to escape his foreclosure there are a lot of Chicago residents who aren't that lucky. If you believe that you are at risk of foreclosure and you believe you can afford to save your home, you should contact a foreclosure attorney in Chicago to discuss your options.

The key to saving your home is recognizing that you are in trouble early and then getting help from a foreclosure attorney in Chicago. If paying your delinquent balance in full is possible for you then you have ample time to save your home from foreclosure. However if you are struggling to make payments due to financial hardship you need to look a little deeper to determine what you can afford and how you can work with your lender to modify your loan to make that possible.

Chang and Carlin
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