John Waterman: Foreclosures Still A Concern
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John Waterman: Foreclosures Still A Concern

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STATEHOUSE, IN – August 27, 2010 – (RealEstateRama) — Foreclosures are still a major concern for many homeowners and neighborhoods across Indiana with lenders taking action against another 4,876 borrowers in July, state figures showed.

Sen. John Waterman (R-Shelburn) says the best way to solve the foreclosure problem – financially and emotionally – is to prevent it before it occurs. Waterman encourages struggling homeowners to take advantage of workshops hosted by Indiana’s Foreclosure Prevention Network.

On Wednesday, Sept. 1, from 3 p.m. to 8 p.m., the Network will host events statewide informing borrowers of ways to work with lenders to avoid foreclosure. To make these opportunities more accessible to more Hoosiers, the Indiana National Guard is opening its doors and co-hosting the events. Here in the Wabash Valley, the Network will be on-hand to offer assistance at the Terre Haute Armory, 3614 Maple Ave.

“This borrower outreach event is an excellent opportunity for all Hoosiers to learn how to prevent foreclosure during these tough economic times,” Waterman said. “It’s important to note foreclosures don’t just hurt the homeowners involved; they can hurt entire neighborhoods and, furthermore, entire communities. Foreclosures can negatively affect property values as well as tax revenues for government services.”

In July, one in every 991 houses in Vigo County received a foreclosure filing. Indiana’s overall average for this past month was one in every 573 houses.

“With the event taking place in the evening and at a local spot, it’s a good opportunity for Hoosiers who are struggling financially to learn how to avoid foreclosures and how to work with lenders,” Waterman said. “The workshop is free, no registration is required and counselors and specialists will be available to answer any questions.”

To ensure borrowers make the most of the workshop, Waterman suggests they bring copies of the following:

  • A monthly mortgage statement;
  • Information about any second mortgages, if applicable;
  • Two most recent pay stubs, documentation of income received from other sources or the most recent quarterly profit and loss statement if self-employed;
  • Two most recent bank statements;
  • Account balances and monthly payments for credit cards and other debts;
  • Utility bill in mortgagee’s name showing current address; and
  • Estimates of other monthly expenditures including utilities, insurance and medical bills.

The Indiana Foreclosure Prevention Network is a coalition of community service organizations, government agencies, lenders, realtors and trade associations with the common goal of helping Hoosiers address Indiana’s foreclosure crisis. To learn more information about this specific event, please visit www.877gethope.org

Contact:
Darrel Radford
Phone: 800-382-9467 or 317-232-9498
Email: dradford (at) iga.in (dot) gov

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