Timeline of Faith Burns' decline into foreclosure
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1995: Faith Burns and her family move into a south Minneapolis house they purchased for $33,000 from Project for Pride in Living, a Minneapolis-based nonprofit.
2003: Unlimited Funding Corp. files as a business with the Minnesota Secretary of State office.
Feb. 2005: Burns refinances with Unlimited Funding Corp. based in Bloomington, Minnesota for a $199,000 mortgage. Unlimited Funding sells Burns' mortgage to BNC, based in California.
May 2005: Faith Burns' mortgage is owned by an investment pool, and serviced by Chase Home Finance and Aurora, another Lehman Brothers subsidiary. The trustee for the investment pool is U.S. Bank.
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July 2005: Burns receives communications from Chase, which now services her mortgage, telling her she is behind on her payments.
August 2007: Burns seeks help from a Twin Cities Habitat for Humanity foreclosure counselor. Habitat refers her to attorney Mark Ireland from the St. Paul-based nonprofit Housing Preservation Project.
Ireland concludes Burns has been sold what he calls a defective mortgage product, and files suit on her behalf naming five defendants -- Unlimited Funding, BNC, Chase, U.S. Bank and the pool of investors.
August 2007: Lehman Brothers closes its BNC subsidiary.
Fall 2007: Burns is behind on her monthly mortgage payments and Chase starts foreclosure process.
Nov. 6, 2007: Burns' house is auctioned at a Hennepin County sherriff's mortgage foreclosure sale. The bid by U.S. Bank is $209,000, to go toward paying off investors. Completion of the deal is dependent on what happens during the redemption period.
Late 2007: From the November sale, Burns has a six-month redemption period during which she can try to catch up on what she is alleged by the mortgage holders to owe them.
Early 2008: Unlimited Funding clears out its leased office space in Bloomington.
May 6, 2008: The end of the foreclosure redemption, during which Burns has a chance to catch up on her payments. Also the day she has been told she must move out of her home.
