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Interest Rates Could Increase Next Year

Last updated on Thursday, July 5, 2007

(UNDATED) - Indiana Secretary of State Todd Rokita and Department of Financial Institutions Director Judith Ripley are urging homeowners with adjustable rate mortgages to plan ahead for possible increases of their interest rates in the next year.

The officials are especially concerned about Hoosiers with nontraditional mortgages who may see significant payment increases.

The statement comes on the heals of an industry letter urging mortgage servicers and providers to reach out to consumers and to work with them to avoid foreclosure.

Ripley says as soon as borrowers communicate concerns regarding their repayment ability, servicers should consider workout arrangements to prevent foreclosures.

Ripley notes efforts by the Neighborworks organization, which has established a hotline (888-995-hope) to reach struggling homeowners with strategic solutions.

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