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The State of Indiana has, like many other states, been hit hard by the credit and real estate crisis. This has caused the local government to create programs and change laws to protect the interest of Hoosier homeowners. This article will look into new legislation that could have an impact on you and a unique program in Indiana designed to help people like you who are struggling with their mortgage. As of July 1, 2009, Indiana had a new law regulating the foreclosure process in the state. Previously lenders were only required to provide one notice to borrowers who defaulted on their payments before a foreclosure sale could take place. Now, lenders must send out two notices warning delinquent borrowers before the hammer can fall. The idea is to stretch the process long enough for both parties to come to an agreement and avoid foreclosure altogether. The first notice can be sent as soon as the homeowner is in default or late in their payments. The second payment is sent once the lender files for foreclosure. It informs the homeowner that they may qualify for a court-ordered settlement, which could end in a settlement with the lender to avoid foreclosure. If you want more information or you want to apply for a settlement conference you can call the Indiana Foreclosure Prevention Network at 1-877-GET-HOPE or visit www.877gethope.org. Qualified foreclosure prevention counselors will listen to you and help you make the right choices you must make to save your beloved home. On a different note, the U.S Treasury set up in early 2010 the Housing Finance Agency Innovation Fund for the Hardest-Hit Markets to help families affected by the crash in the housing market. As well as this the U.S Treasury has announced Indiana will get $83 million to help unemployed homeowners to cover their mortgage payments. This program will begin to work in the first months of 2010 and hopes to provide aid to 6,000 families struggling to pay their mortgages. Homeowners who qualify for the program and then sell or refinance their home within 10 years will have to repay the financial aid they receive. Are you feeling the pinch of the national economic crisis? Call the Indiana Foreclosure Prevention Network Helpline at 1-877-GET-HOPE before you fall behind in your payments. This organization is comprised of government, private and charitable organizations that provide guidance and financial support so homeowners can take action and avoid losing their home to foreclosure.
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