CLERK of the MADISON CIRCUIT COURTTake this as a sign of our local economy. What impresses me with this change in procedure is that we have had large numbers of foreclosures in this county for most of the past twenty years. I read this to mean that we are having even more foreclosures than we have had. Not good, folks, not good at all.
April 20, 2007
Ludy Watkins, Madison County Clerk
Re: Mortgage Foreclosures
To Whom It May Concern:
Do to our Local Rules and the large number of Mortgage Foreclosures we are going to change our way of filing Foreclosures. After May 1, 2007 you will no longer be able to specify the court in which you want to file in. We will be doing the Mortgage Foreclosures on a rotation system. Superior I, Superior III, and Circuit courts will be included in the rotation. All other filings will remain the same.
How this ties into the subprime lending (see my post here on that subject) I have no good answer but some guesses. Subprime mortages target those borrowers whose income and credit history make them a risky bet. That could describe quite a few residents of Madison County. So, there may be a connection.
Before crowing too much about our economic progress in Madison County and Anderson (and also the rest of Indiana, I suspect), we need to look at the details of what is actually going on in our local economy. Foreclosures mean that people are not making their mortgage payments. Whether from imprudent lending borrowing or imprudent lending or from unforeseen changes in income, people do not have the means to pay for their homes. Mortgage companies do not want these homes, they want their money. If the houses do not sell at a sheriff's sale, they will sit empty with a great potential to become eyesores. Eyesores become a drag on economic development. Think about it.
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