State officials in Indiana have launched a telephone hotline and accompanying website to aid homeowners who have fallen behind on their mortgage payments and may be facing foreclosure.
The “Indian Foreclosure Prevention Network”, or IFPN, “is a public-private partnership of community-based organizations, government agencies, lenders, realtors, and trade associations that has devised a multi-tiered solution to Indiana’s foreclosure problem.”
“This statewide initiative includes a targeted public awareness campaign, a telephone helpline, an educational website, and a network of local trusted advisors.”
The website includes an online education assessment consisting of several slides which explain what a foreclosure is, the causes, the typical foreclosure process, and the steps homeowners can take to avoid one.
Specialists are available by phone from 8:00 am and 8:00 pm, seven days a week to assist at-risk homeowners.
“Our goal is to protect Hoosier homeowners and our neighborhoods,” said Senator Connie Lawson, R-Danville.
Lawson has also recommended that prospective borrowers receive a document which summarizes the maximum interest rate that could be applied to their loan, along with the maximum monthly payment that would be required.
Another recommendation includes a ban on prepayment penalties for high-risk loans.
A recent study conducted by the Mortgage Bankers Association found that nearly three percent of all loans in Indiana are in foreclosure, more than double the national rate of 1.28 percent.
The phone number is 877-GET-HOPE or 877-438-4673, and the website is can be found at http://www.877gethope.org.