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Bank Owned Real Estate Rise in Indiana As Settlements Are Ignored

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By : John Cutts    99 or more times read
Foreclosures and bank owned real estate problems continue to affect most areas of Indiana as efforts to bring borrowers and lenders to the table for a negotiation remain largely ignored. According to housing reports, a big number of troubled homeowners are not taking the opportunity to meet with their banks to negotiate for an alternative to foreclosure.

Court-supervised meetings between lenders and homeowners have been put in place in the state to control the rising number of Anderson bank owned homes and foreclosed properties all around the region. However, homeowners are reportedly not too keen in taking advantage of the chances to negotiate for an alternative. In Marion County, for example, the number of homeowners who have successfully completed such conference settlements was very low.

Data showed that between May and December 2010, out of the 1,008 households in Marion County that qualified for a conference, only 270 went through with it. Out of this number, 123 were able to keep their properties, while 22 opted for a different arrangement and 120 saw their residences becoming one of the many Indiana bank owned homes and foreclosed residential properties.

In his State of the Judiciary speech, Indiana Supreme Court Chief Justice Randall Shepard stated that foreclosure filings have risen again in 2010 compared with 2009 figures. Shepard reported that while the state is not among the regions with the biggest foreclosure and bank owned real estate problem, around 4,300 households were still added to the already high number of foreclosure owners in 2010.

The Chief Justice also reported that the high court is considering the best method to process foreclosures in the state's courts. This effort is geared towards controlling the rise in the number of foreclosed and bank owned homes in the region. Shepard also noted how the settlement conferences were able to help those homeowners who were on the verge of losing their properties. In Marion County, there are seven judges who handle foreclosure-related settlement efforts.

Meanwhile, local judges have revealed that in recent months, more borrowers and lenders are getting involved in the settlement meetings after they found out that the courts are overseeing the procedures. They added that this might help keep the number of bank owned real estate and foreclosed properties low.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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