New Legislation Impacts Foreclosure In Indiana
Effective on July 1, 2009, troubled borrowers must receive two notices from their mortgage lender. The first notice informs homeowners that they are in default on their mortgage and if they continue in default for 30 more days, the lender may initiate a foreclosure on the property. The second notice is sent to homeowners when the lender files a foreclosure claim with the court. It informs homeowners that they may be entitled to a court-ordered settlement conference during which an agreement to avert the foreclosure may be reached.
Click on the following links to see samples of the Default Notice and the Settlement Conference Notice. For additional information about the settlement conference process in Indiana, please go to the Indiana Supreme Court’s website.
Making Home Affordable Program
The Obama Administration’s Make Home Affordable program will offer assistance to as many as 7 to 9 million homeowners making a good-faith effort to make their mortgage payments, while attempting to prevent the destructive impact of foreclosures on families and communities. It will not provide money to speculators, and I twill target support to the working homeowners who have made every possible effort to stay current on their mortgage payments. Just as the American Recovery and Reinvestment Act works to save or create several million new jobs and the Financial Stability Plan works to get credit flowing, the Making Home Affordable program will support a recovery in the housing market and ensure that these workers can continue paying off their mortgages.