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Sunday, November 11, 2007

Ind. Gov't. - "State takes action on foreclosures"

Niki Kelly of the Fort Wayne Journal Gazette writes today that the State of Indiana has set up a toll-free number and web site to advise borrowers facing foreclosure. Some quotes:

Problems linked to mortgage fraud and high foreclosures have plagued the nation, with Indiana leading the pack.

A study by the Mortgage Bankers Association indicated that 2.98 percent of all loans in Indiana are in foreclosure, compared with 1.28 percent nationally.

This puts Indiana behind only Ohio in terms of foreclosure rate.

The Center for Urban Policy and the Environment also studied Indiana’s foreclosures from 2002 through 2005 and found a higher concentration in urban areas. These areas are also spreading each year. * * *

To reduce the number of home foreclosures in Indiana, the state launched an initiative to assist Hoosiers.

It includes a Web site and telephone hotline for free mortgage foreclosure counseling and offers education for at-risk homeowners. The address for the Web site is www.877gethope.org and the hotline number is 877-GET-HOPE.

The Indiana Housing and Community Development Authority also will start a public awareness campaign, “Don’t Let the Walls Foreclose in on You.” Brochures and posters are being distributed to encourage Hoosiers to call the help line or visit the Web site.

A media campaign is expected to roll out early next year with targeted outdoor advertising, newspaper advertising and 60-second radio commercials in areas of the state experiencing higher rates of foreclosure.

For background, I recommend this ILB entry from August 25th, headed "Hoosier homeowners hit by perfect storm."

Posted by Marcia Oddi on November 11, 2007 08:29 AM
Posted to Indiana Government