Brought to you by WBIW News and Network Indiana
Last updated on Monday, April 20, 2009
(INDIANAPOLIS) - In an effort to reduce the number of foreclosures, a Marion County Superior Court judge has created a new local rule as a means to ease the crisis by mandating face-to face meetings between borrowers and lenders.
Judge Cynthia Ayers is taking her message statewide in an effort to educate more judges about how they can aid both distressed homeowners and lending institutions through the use of local rules.
About 200 judges from across the state are taking part in the Indiana Supreme Court's Spring Judicial Conference.
Marion County's new local rule took effect last month and is based on similar projects in Philadelphia and Connecticut.
The settlement conferences, which are a form of mediation, began on a voluntary basis a few months ago with civil court judges urging lenders to participate if the borrowers requested it.
Under the new local rule homeowners are automatically notified about the settlement conference option directly from the court and asked to participate or decline.
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