Taylor-Brown Real Estate Talks

Posted By admin on January 24, 2010

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In an effort to curtail home foreclosure in Indiana, state officials signed in to law a regulation that require lenders to notify homeowners 30 days prior to filing a foreclosure notice.  The law also gives homeowners a chance to renegotiate terms and interest rate to allow the homeowners to keep their homes. 

The state also have 700 attorneys and mediators trained to defend homeowners who want to renegotiate their mortgage terms and rate.  Do not think that you will not be paying for the renegotiation.   The attorney and mediators will also defend low income homeowners for free. 

With more than 5,500 homes in some state of foreclosure and the fact that Indiana is rank 13th in the amount of foreclosure, it is about time that Indiana has taken action to help trouble homeowners.

Residents facing foreclosure can contact the Indiana Foreclosure Prevention Network at 877 GET-HOPE.  The counseling received by homeowners who take advantage of it is free.

Under this new law if a homeowner request a conference to discuss the terms or interest rate on his or her mortgage, the lender can not continue the foreclosure proceedings.

It is interest to point out that a similar law has enacted in Ohio has resulted in fewer foreclosure, so it is hoped that Indiana has similiar results with fewer foreclosures.

Originally posted 2009-07-29 10:53:03. Republished by Blog Post Promoter

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Categories: real estate
Tags: facing foreclosure, foreclosure prevention, foreclosure proceedings, real estate