Foreclosures Increase in Indiana but Homeowners Have Options

Indiana homeowners facing foreclosure may want to consider Chapter 13 bankruptcy.

2012-09-19

September 19, 2012 (Press-News.org) According to new reports, the real estate market could get worse before it gets better. Banks continue to force homeowners into foreclosure, which has increased the number of filings in recent months. In particular, Indiana has seen a large rise in home foreclosures since the start of 2012. For Indiana homeowners facing foreclosure, one option to consider is bankruptcy.

Foreclosure Trends in Indiana and Nationally

Nationwide, over one million properties were foreclosed on during the first six months of this year, according to RealtyTrac. Twenty states experienced a significant rise in filings during the first-half of 2012. Indiana in particular has been hit hard. Foreclosures in the state increased 32 percent, the largest percentage increase in the nation.

One out of every 757 Indiana properties received a foreclosure notice in June. In Marion County alone, 923 homes began the foreclosure process.

Options for Indiana Homeowners

Some homeowners facing foreclosures in Indiana are frustrated by banks' unwillingness to modify their unfavorable and sometimes predatory mortgages. Other homeowners need some relief after facing unemployment, unexpected medical bills or other financial challenges in this difficult economy.

Distressed homeowners do have options, one of which is filing for bankruptcy. Filing for bankruptcy triggers an "automatic stay" which temporarily stops foreclosure proceedings and other collection efforts against a homeowner or debtor.

Many homeowners elect to file for Chapter 13 bankruptcy. This allows homeowners to discharge some of their debts and develop a manageable repayment plan for others, enabling them to catch up on mortgage payments. Sometimes second mortgages not supported by a property's current market value can even be eliminated.

If you are an Indiana homeowner currently under the stress of a foreclosure, an attorney can provide advice about your options and assist you in taking steps to protect your home.

Article provided by Redman Ludwig, P.C.
Visit us at www.redmanludwig.com

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Foreclosures Increase in Indiana but Homeowners Have Options

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