Indiana Foreclosure Help
Indiana homeowners who are having a difficult time making their mortgage payments worry about foreclosure. No one wants to face the reality of a possible foreclosure. In addition to losing your home, you damage your credit for at least seven years. Even if you cannot afford your payment, help is available to Indiana residents.
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Indiana Department of Financial Institutions
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The Department of Financial Institutions provides useful resources to homeowners regarding foreclosure prevention programs and tips for avoiding scams. The site provides information about statewide foreclosure initiatives. You can also access articles from the Indiana Housing Authority to find out what is being done to prevent foreclosure. For homeowners who cannot avoid foreclosure, the Homeless Prevention and Rapid Rehousing Program (HPRP) was established in September 2009 to ensure homeowners are able to find appropriate housing. The Indiana Housing Authority also created a toll-free hotline to connect homeowners with foreclosure help. To reach the Indiana Foreclosure Prevention network, call 888-GET-HOPE.
Counseling
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Indiana homeowners can benefit from free or low-cost foreclosure prevention counseling. You can visit HUD to locate certified nonprofit counseling agencies in your city. A counselor will review your mortgage details and financial information to explore suitable alternatives to foreclosure. Counselors have extensive knowledge of the foreclosure process in Indiana and the assistance programs. For example, the Home Affordable Foreclosure Alternatives program provides relocation assistance to homeowners who agree to a short sale or deed in lieu of foreclosure. A counselor can determine your eligibility, assist you with applications for aid and even advocate with the lender on your behalf.
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Legal Aid
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Homeowners who are unable to pay their mortgages typically cannot afford to hire an attorney. Fortunately, pro bono attorneys throughout Indiana offer free legal services to financially needy homeowners. The Indiana Justice Center provides support to the legal service programs. Services ranges from legal advice to court representation.
Making Home Affordable Program
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The federal Making Home Affordable program allows homeowners to refinance and modify their loans. If you are still current on the loan and unable to refinance through your lender because of a decrease in the value of your home, the Making Home Affordable Refinance option may be right for you. Delinquent homeowners can use the loan modification to reinstate the loan and potentially lower the monthly payment. A modification adjusts one or more terms of the loan, such as the interest rate or length of the loan.
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