According to WIBC Indiana's legislature has approved legislation that would delay the foreclosure process and help home-owners negotiate new mortgage terms to get caught up.
House Approves Bill That Would Delay Foreclosures
By Eric Berman
2/25/2009
The Indiana House has overwhelmingly approved an attempt to stem the tide of foreclosures.
Lenders would have to delay filing foreclosure actions for a month to try to negotiate new mortgage terms with homeowners on the edge.
House Financial Institutions Chairman Jeb Bardon (D-Indianapolis) says the bill still needs work, in part because the state must wait to see what changes the Obama Administration makes in federal bankruptcy law. One proposal under consideration would let bankruptcy judges force lenders to accept lower interest rates on mortgages.
Bardon's bill formalizes the state-sponsored loan counseling service established to help homeowners avoid toppling into foreclosure.
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