Town Hall Meeting on Foreclosure Crisis

Congressman carson to host town hall meeting

Foreclosure crisis will be focal point of public event

Congressman André Carson will host a local town hall meeting in mid-April focused on the housing foreclosure crisis and the actions of both the president and Congress to help struggling homeowners.

WHEN: Tuesday, April 14, 6:30 p.m.

WHERE: George Washington Community School, 2215 West Washington St. Indianapolis, IN

The public town hall will offer an opportunity for residents to discuss the foreclosure issue with Congressman Carson. The event also will feature a number of local experts from the housing and finance sectors who can help residents better understand options available under the President's new Making Home Affordable plan.

"The foreclosure crisis is devastating families and neighborhoods in Indianapolis and across our country," said Congressman Carson. "Through the actions of President Obama and Congress, there's a plan in motion right now to help struggling homeowners. It's now our responsibility to provide information to residents about how to access these resources, inquire about eligibility for mortgage restructuring, and avoid becoming victims of a growing number of scam attempts."

Marion County Foreclosure Data

Ask Beth: Finding Marion County Foreclosure Data

Dear Beth:

I’m wondering if you have some information I need. With the current economic climate, I’ve been curious how much foreclosure rates have increased. Does the Clerk’s office track this information? --Curious Citizen


Hi Curious Citizen! The Clerk’s office does track the information you are requesting. The legal process to begin foreclosure proceedings starts in our office in the civil filing division. As the record-keeper for the courts, our office is required to send notice to the homeowner that is facing foreclosure.

Because we make the first official contact with homeowners through the foreclosure notice, I felt it was important that we let them know there is still time to get help. With every notice, we also include a flyer promoting the counseling efforts of the Indiana Foreclosure Prevention Network.

The Indiana Foreclosure Prevention Network sponsors a toll-free hotline
(1-877-GET-HOPE) to help Hoosier homeowners facing foreclosure. The hotline is available from 8 a.m. to 8 p.m. seven days a week. The free foreclosure prevention counseling is completely confidential. You can also learn more by visiting their Web site – www.1877GETHOPE.org.

Back to your question, our Web site provides yearly totals for the foreclosure filings in Marion County. Go to www.indy.gov/clerk, click ‘Court Records & Filings’ in the top tool bar and then select ‘Mortgage Foreclosure.’ This page not only includes foreclosure data but also information on the Sheriff’s real estate sales.

Unfortunately, mortgage foreclosures are poised to become an even larger issue for our community, state and country. When foreclosure is a possibility, it is a very scary time for homeowners. If you or someone you is struggling to meet your mortgage payment, I would encourage you to seek counseling from IFPN or other trustworthy, not-for-profit organizations. There is help available – you are not on your own.

Best Wishes,
Beth


Note to Readers: “Ask Beth” is a monthly column written by Marion County Clerk Beth White and aimed at educating the public about the services provided by her office. For more information, visit www.indy.gov/clerk or call (317) 327-4740.

Homeownership Assistance & Foreclosure Prevention Event

Are you having trouble paying your mortgage on time? Are you receiving collection calls from your lender?

Attend the:

Homeownership Assistance
and
Foreclosure Prevention
Event

FREE and OPEN to the Public
Walk-in Times are:
Saturday, July 26th, 9am-1pm
Presentations at 9:30am and 11:15am

Southeast Community Services
901 S. Shelby Street
Indianapolis, IN, 46203

For more information on the event contact:
Erin Brown – 317-634-5079 x11
***

Indianapolis Land Bank Website

Indianapolis has a land bank...

with 97 parcels and has sold 35 since May, 2007. Now a website has been designed to help reduce the number of abandoned homes in blighted neighborhoods.

The website provides a greater opportunity for the city to market properties to neighbors, nonprofits, community development corporations and developers. This allows vacant and abandoned properties to be redeveloped and placed back on the tax roles with clean titles.

www.indylandbank.com

***

Homeownership

Are you having trouble paying your mortgage on time? Are you receiving collection calls from your lender?

Homeownership Assistance
&
Foreclosure Prevention Event

FREE and OPEN to the Public

Walk-in Times are:
Saturday, July 26th, 9am-1pm
Presentations at 9:30am and 11:15am

Southeast Community Services
901 S. Shelby Street
Indianapolis, IN, 46203

For more information on the event contact:
Erin Brown – 317-634-5079 x11

Foreclosure Prevention

Don't Let the Walls Foreclose in on You

In an effort to reduce the number of home foreclosures in Indiana, Lt. Governor Becky Skillman announced the launch of a major statewide initiative to assist Hoosiers who are in danger of losing their homes.

Hoosiers facing mortgage default or foreclosure can call a toll-free number, 877-GET-HOPE. This toll- free, confidential help-line will be available 8:00 a.m. to 8:00 p.m daily, at no cost to the consumer. Also, a web site www.877GetHope.org will be available 24 hours a day, seven days a week.

The initiative is led by the Indiana Foreclosure Prevention Network (IFPN), a public-private partnership of government agencies, lenders, community service, and housing-related organizations. State certified foreclosure intervention specialists will answer the calls and foreclosure cases will be triaged over the phone through loan modification, forbearance, or other mechanisms. If the cases cannot be triaged over the phone and require intensive one-on-one counseling, the cases will be referred to the Indiana Foreclosure Prevention Network (IFPN) Agencies. To learn more about the IFPN visit www.877GetHope.org or IACED's web site at www.iaced.org/subpage.asp?p=57

HomeRetain

Federal Home Loan Bank of Indianapolis
Offers Funding to Help Lenders
Relieve Threat of Foreclosure

The Federal Home Loan Bank of Indianapolis (FHLBI), has announced a new $100 million lending initiative, HomeRetain, to help FHLBI financial institution members assist families facing foreclosure. HomeRetain is a part of the FHLBI's Community Investment Program (CIP), a source of wholesale funds for member institutions involved in housing or community economic development activities that benefit low- and moderate-income families or neighborhoods.

HomeRetain is an additional $100 million offering of CIP, to encourage members to provide mortgage modification or refinancing to homeowners with incomes at or below 115 percent of HUD area median incomes (family of four not adjusted for family size) who are at risk of delinquency or default. HomeRetain provides the CIP discount off regular advance programs, providing funds at the FHLBI's cost of funds plus a small markup to cover administrative costs.

HomeRetain funds are targeted to modify or refinance mortgages for primary residences in Indiana, Michigan or any other state in which a member does business. The new or modified loan provided to the consumer must be a fully amortizing, fixed-rate mortgage.

The FHLBI encourages loans funded with HomeRetain advances to be retail originated. The maximum loan-to-value ratio is 100%.

HomeRetain advances are made available to eligible members on a secured basis only and are subject to the normal credit and collateral policies of the FHLBI. Prepayment fees may also apply.

Borrowers may not take any "cash out" of the refinancing, but may only use the funds to pay off the first or second mortgage principal outstanding, any delinquent amounts owed, plus reasonable and customary fees, loan origination and processing fees. Member discretion is permitted in refinancing delinquent borrowers.

Borrowers must complete a homebuyer counseling program provided by or based on one provided by an organization recognized as experienced in homeowner counseling. The counseling program must cover, at minimum, financial literacy, predatory lending, mortgage financing, credit-worthiness, household budgeting, and home maintenance. Counseling may be provided by the member or by another competent party.

For more information contact MaryBeth Wott, Vice President, Community Investment Officer, 317-465-0368 or mwott@fhlbi.com