Those involved in the Indianapolis real estate market, as well as the rest of Indiana, know of the issues involving the increase of foreclosures facing Hoosiers. Many Indianapolis residents have had to face the uncertainty of a short sale or eviction because of lowering property values or being the victim of the sub prime mortgage crisis.
Various efforts have been made by governmental agencies to try to prevent an already serious problem from becoming worse. One such program, called Making Homes Affordable, was initiated by the Obama Administration. The intent of this program by our current administration is to help homeowners find ways to prevent foreclosure through looking at possible options for refinancing and loan modification. With so many mortgage loan scams to avoid and confusion about foreclosure options available, Hoosiers need guidance to sort out all the information so that they can make the most educated decision about their financial situation.
Indiana has also joined in this fight by forming the Indiana Foreclosure Prevention Network (IFPN). Started in 2007, the Indiana Foreclosure Prevention Initiative was established by a selection of banks, lenders, housing agencies and government agencies and community organizations and is collectively referred the Indiana Foreclosure Prevention Network.
This partnership of private, non-profit and public groups has initiated many endeavors designed to help Hoosiers address the possibility of facing foreclosure. One such endeavor included giving homeowners the opportunity to speak by phone with an attorney, qualified counselor in foreclosure prevention or volunteer to ask their questions about how to avoid foreclosure.
When residents think about putting up their Indianapolis homes for sale with an Indianapolis REALTOR®, they must face whether or not they are upside down on their mortgage and subsequently will face how to proceed. Initiatives like the Indiana Foreclosure Prevention Network hope to help people in just these kinds of desperate situations.