News Sections
Bill Would Require Lenders To Work More With Troubled Homeowners
Updated May 5, 2013 12:06 AM | Filed under: Network Indiana
 Print    Archive    RSS

(INDIANAPOLIS) - A house committee has approved a trio of bills aimed at stamping out mortgage abuses and providing breathing room to homeowners facing foreclosure.

The full house will vote next week on measures requiring lenders to attempt to rework mortgages before launching foreclosure proceedings; establishing a foreclosure prevention task force to educate homeowners about their options; and shifting oversight of mortgage lenders from the Secretary of State's Securities Division to the Department of Financial Institutions.

The home ownership preservation task force mirrors the existing foreclosure prevention network, but sets out specific instructions to seek federal and private funding to help homeowners and communities facing foreclosures.

The bill creates a second task force to be chaired by Chief Justice Randall Shepard, to look into establishing a network of pro bono attorneys to assist homeowners in foreclosure actions.

Legislators say they're concerned some lenders, especially out-of-state mortgage giants, appear uninterested in trying to negotiate new payment plans that would allow struggling homeowners to remain in their homes.

Rep. Jeb Bardon's (D-Indianapolis) bill would require lenders to spend up to a month working with homeowners before filing foreclosure papers.

« Previous Article
Next Article »

 Print    Archive    RSS

Have a question or comment about a news story? Send it to

Advertise with 1340 AM WBIW
Find more about Weather in Bedford, IN
Advertise with 1340 AM WBIW

1340 AM WBIW, Bedford's Place To Talk. Serving Lawrence and surrounding counties since 1948!

© 2018 Ad-Venture Media, Inc. All Rights Reserved. and Listen Live Powered by HPC

Advertise  |  Careers  |  Contests  |  About  |  Feedback  |  Public File