Divorcing couples often experience additional financial hardship and family law attorneys have seen an increase in the number of marital homes in foreclosure. Indiana is increasing its efforts to assist parties facing foreclosure. A new state law passed last year gave homeowners alternatives, providing for settlement conferences with lenders. Less than 2 percent of eligible homeowners participated in the program last year according to The Indiana Foreclosure Prevention Network. Efforts to increase awareness of the service led to a pilot program in Allen County Courts, with attorney arranging the conferences. Since the launch, more than 65 conferences between borrowers and lenders have occurred since February.
With the success of the program, it will expand to St. Joseph and Marion counties in April/May, 2010 and to Monroe County by summer, with other counties participating later in the year.
The Indiana Foreclosure Prevention Network includes more than 40 lenders, banks, community organizations and housing agencies helping homeowners facing foreclosure. For more information, visit their website:
Indiana Foreclosure Prevention Network