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To provide financial assistance to families most affected by the downturn in the housing market the state of Indiana received $83 million in August 2010 and $139 million in September 2010.These funds were supplied by The U.S. Department of the Treasury through the Housing Finance Agency Fund. These funds will be used to help unemployed homeowners who have fallen behind on their mortgage loans, avoid foreclosure. Over the past few months Indiana also received a further $221 million to help the unemployed pay their mortgage and avoid foreclosure.
Foreclosure is the legal process your lender must follow to end your ownership rights to your home. A mortgage is considered to be default if for three months payments have not been made. There are many reasons why homeowners fall behind on their mortgage loan, most of them are because of financial hardships more often than not due to situations beyond their control.
For example job loss when expenses exceed income, the death of a spouse, medical expenses, injury, illness or divorce. What can you do to avoid foreclosure? The state of Indiana provides financial counselors who will speak to you about budgeting, helping you to take control of your financial situation by helping you to understand your income and expenses.
Your anxiety will be much less when you see where you money comes from and where you are spending it. Making a budget is essential to understanding your financial situation. The counselor will help you plan to meet your expenses and to start to build assets helping you to determine options to avoid foreclosure. You can call 1-877-Get-Hope and you will be put in contact with a certified foreclosure prevention counselor to discuss your specific need. This is a free service offered by the Indiana Foreclosure Prevention Network. The counselor will help you find the best solution for your particular situation.
You may qualify for aid through the program that the Indiana Housing and Community Development Authority(IHCDA) will administer at the beginning of 2011 using the funds that the U.S. Treasury provided. The IHCDA has worked along with Lieutenant Governor Becky Skillman,The Indiana Foreclosure Prevention Network and The Indiana Department of Workforce Development to set up this program that is designed to assist 6,000 homeowners who are facing financial difficulties and who did not qualify for present loan modification and foreclosure prevention programs.
Please do not procrastinate. Getting help and getting help early is very important. The sooner homeowners seek help and realize they are at risk of foreclosure the easier it will be to help them and the more options they will have to avoid foreclosure to the benefit of themselves and the community.
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