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Residents Not Using State Foreclosing Program

Last updated on Tuesday, January 31, 2012

(EVANSVILLE) - A state program created to help Indiana residents avoid foreclosing on their homes is seeing few takers even though the state’s foreclosure rate ranks seventh nationally.

The state's Hardest Hit Fund was created to provide eligible homeowners forgivable 10-year loans that come from a federal grant.

But the Evansville Courier & Press reports that even though there's enough money in the fund to help more than 13,000 Hoosier households, only 651 homeowners had applied by the end of 2011.

Of those applications, 226 have been approved, with another 300 cases pending.

Each loan is forgiven 20 percent per year over its last five years. Depending on how economically hard hit a county is, homeowners can receive up to $12,000 or $18,000.

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