Indiana is putting into place more rules to try to slow down or stop the number of foreclosures occurring throughout the state. Not only now must banks and lenders that want to foreclosure send a notice 30 days in advance of trying to file the foreclosure on the borrowers home, but foreclosure mediation is also now available to Indiana homeowners.
After the initial notice is sent at the 30 day mark, if there is no resolution to the foreclosure process, a second notice will go out to the homeowner. This communication will be providing them with an opportunity for the homeowner to both sign and mail in a form to set up a foreclosure mediation conference at the local county courthouse to try and reach a settlement.
What will occur during the mediation process is the lenders and homeowners can negotiate new interest rate terms for the loan, they can increase the length of the home loan to lower the monthly payments, or explore other possible solutions. Some of the common options are when they can negotiate a forgiveness in the amount to be repaid, perhaps by reducing some of the interest that was due on the loan. A wide variety of results can come from the foreclosure mediation process.
Indiana state leaders have announced that the foreclosure mediation program that was started back in January has meant 1,000 lawyers, judges, and mediators had gone through special training statewide. This means that the number of resources available to borrowers in extensive, and these will be the professionals who will mediate on the homeowners behalf.
For more information on the process, the main contact information is below.
Indianapolis - (317) 639-3315
Fort Wayne - (260) 483-7660
Valparaiso - (219) 464-4961
South Bend - (574) 233-3303
Elkhart - (574) 293-0112
Evansville - (812) 425-3353
Bloomington - (812) 824-8419
Gary - (219) 398-2443
Granger - (574) 210-1662
If you city is not listed above, you can dial one of the numbers listed and ask for a contact in your area to begin the mediation process.
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