IndyBlog published Alarming Rate Of Foreclosures Makes Indiana State Sit Up on Saturday. (Which is a new blog for me. It is emphasizing reporting in Indianapolis and surrounding areas.)
Yesterday, The Indiana Law Blog published "State takes action on foreclosures" which quotes heavily from a Fort Wayne Journal Gazette article, State takes action on foreclosures:
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.
Finally Masson's Blog published Indiana: A National Leader on Foreclosures and Masson's comments are spot on:
Borror apparently doesn’t have a very realistic idea of how the home closing process usually works. I don’t disagree that pushing back the closing to review the documents might be possible — unless to do so would be a breach of your purchase agreement — but the home closing process isn’t generally very conducive to a thorough review of documents. Usually the paperwork isn’t ready until the last minute. A good number of people are waiting at the table to get the job done. There’s a good chance that time frames for moving out of your old place and getting your stuff to your new place along with the home seller’s time frame for getting their stuff out of what will be your new house and into their new house are tight. The logistics of the situation put the pressure on to get the closing done. For Borror to say that the borrower is really in control of the process doesn’t seem very realistic.
Masson also remarks that these things help future borrowers and not current ones. I suggest those current borrowers consult with an attorney about Chapter 13 bankruptcy. That's my best idea this early in the morning.
By the way, thanks to Masson's Blog for the link to Indy Blog.
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