Indiana Superior Court recently partnered with IHCDA to provide a secure Internet portal to enhance faster, more efficient resolutions for mortgage lenders and people facing foreclosure.
The mortgage crisis has vastly affected thousands of lives, both from the prospective of the lender and the borrower. The foreclosure process is often inhibited when people facing foreclosure are not aware of the documents required or know how to properly present documents that allow for a timely, efficient and mutually beneficial resolution to the foreclosure.
The Indiana based Internet portal enhances the chance of a successful settlement agreement by providing a means to bridge the information gap between mortgage lenders and borrowers challenged by foreclosure. During the mediation process, borrowers will know how to submit documentation to housing lenders. This information is not part of the court process but meets requirement for settlement negotiations.
Indiana trial courts, Indiana Foreclosure Prevention Network counselor, and housing lender lawyers will have access to the secure portal, offering a means for all sides to exchange financial information necessary for successful settlement processes. The portal will initially be accessible for settlement cases in St. Joseph and Marion Counties.
Indiana enacted a state law in 2009, allowing people facing foreclosure to have a legal right to settle differences with lenders. Since then, it has been identified that the vast majority of settlement outcomes were not successful because borrowers and lenders were not properly prepared. Lender employees didn’t have the authority to make settlement decisions and borrowers were not familiar with the type of paperwork necessary for settlement.
By 2010, The Indiana Supreme Court’s State Court Administration (STAD) partnered with the IHCDA to enhance the organization process. To date, the results have been impressive. Approximately, 40% of 1300 plus settlement conferences were successful.
If you, your family or a friend need to protect their legal rights, contact PADOVE LAW, toll free at (877) 446 5294 for a free consultation.