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Changes in Handling Indianapolis HUD Homes and Foreclosures Proposed

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By : Clark Raitz    99 or more times read
Indiana Attorney General Greg Zoeller has proposed changes to the ways by which foreclosed properties, including foreclosed Indianapolis HUD homes, are handled in the region. The proposed new rules will not need the actions of the legislature and are reportedly recommended in response to controversies surrounding the questionable documents allegedly used by mortgage firms in processing foreclosures.

Prompted by countrywide foreclosures problems, the Indiana AG suggested several ways by which foreclosures should be handled in the state. First, mortgage companies will be required to present documents proving that they really own the home or property involved. Second, courts will have to send a notice to borrowers who are facing foreclosures to let them know that they have legal rights to sit with their lenders in a settlement conference.

The third proposal entails that mortgage companies and owners of Indianapolis HUD homes and other residential properties in various parts of the state that are facing potential foreclosure will have to pay a fine between $150 and $2,500 if they failed to follow court orders. Court justices in Allen and Saint Joseph counties are already implementing this provision. The fourth part of the proposed changes specifies that judges in all state counties should handle foreclosure cases in the same way.

According to Zoeller, the state of Indiana is being proactive and is not just waiting on the sidelines for actions coming from the federal government. Local officials have stated that with countrywide foreclosures continuing to increase in almost all parts of the nation, state governments should take it upon themselves to try to solve their own foreclosure problems. Most consumer advocate groups have supported Zoeller’s proposals, asserting that the move will put a brake on the foreclosure machine and help majority of homeowners.

Zoeller has also stated that the proposals will put more credibility in home selling activities in the state. He stated that a property title chain is needed to convince future buyers that residential properties, even low-priced Indianapolis HUD homes, are being legally sold and are worth their time and money. The proposals, developed with the help of lawyers, mortgage industry members and judges, are currently being reviewed by the Indiana Supreme Court.
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