Alarming Rate Of Foreclosures Makes Indiana State Sit Up

November 9th, 2007

Indiana is ranking third amongst the nation’s foreclosure offenders. The state government can no longer remain a spectator. With the implications of foreclosures touching each and every aspect of the socio-economic scenario it is to the interest of all – government, lenders as well as of course the borrowers to pitch in.

What makes the foreclosure tale more tragic is that winter and the merry season is just around the corner. Community non-profit groups have also joined hands with the state to find some solution to the inevitable foreclosure. The state has launched a new programme called the Indiana Foreclosure Prevention Network with high hopes. Importance is being placed on the vital role of the adviser. Arrangements are being made first to make the borrowers become aware of the necessity of the counselor and then to tell them that the advisers are only a phone call or a mouse click away.

As a first step a new hot line has been set up with a toll free number. The whole operation will be in secret and it is open on all days of the week for 12 hours each day. Questions are asked and answered over the phone and when a framework for help has been chalked out physical contact is made. In all probability the adviser is the help just around the corner.

The borrowers are being made to understand, is that time is of great importance. They should not delay matters. The quicker they report the more avenues are open for them. Psychologically the borrowers are shy about contacting the lender directly. The counselors do the negotiating. More often than not, considering the present scenario, the lenders are equally concerned about avoiding a foreclosure.

Borrowers are being repeatedly reminded that they should not worry about fees when asking for help because the counseling is free. The state understands that given the constraints of the situation the borrowers hardly have any money to spare for charges and the like.

The State has also set up a website giving all the particulars of the type of help and contact details. Confidential questions are dealt with online and the answers will decide the type of help that the individual requires.

Already the organization is abuzz with activity. On the very first day of opening the call center in Indiana received one hundred calls. This is just the beginning.

Via