Foreclosures Wrecking Society

Posted in Foreclosure, January 22nd, 2008 |

The Lieutenant Governor of Indiana Becky Skillman in an indicting article has come up against the foreclosure menace that is rocking not merely Indiana but the entire country. Millions are watching hopelessly as their dreams of owning houses are going up in smoke.
The causes she cites are many – unemployment, medical bills, divorce and or death. These are the leading reasons for foreclosures in Indiana. Apart from directly affecting the concerned families the ripples are felt throughout the neighbourhood. For example a single foreclosure in Indianapolis lessens the property tax kitty by about $300,000 in one neighbourhood. When one house is boarded up the value of the neighbouring houses also fall because the atmosphere becomes vitiated with crime and drugs ruling the roost in dilapidated units. Thus everybody benefits by finding ways and means to combat this evil.
Tackling the foreclosure problem will strengthen the hands of Indiana’s economy is the view of the Governor as well as Skillman. Their legislative proposals were approved last autumn when a statewide action plan was launched to stem the tide. The operation, Indiana Foreclosure Prevention Network, was backed by lenders, banks, non-profit social organizations and real estate agents.
Amongst it many activities was the setting up of a toll free help-line that operated from eight am to eight pmall through the week. It provides free counseling that is confidential and non-obligatory. If required the counselors refer the caller to other certified specialists trained in foreclosure matters. A website has also been set up spelling hope to sufferers round the clock.
The setting up of the body met with instant success. More than 20,000 calls were received. The awareness campaign also includes spreading the message through billboards, advertisements in daily newspapers and broadcasting of commercials over radio and television. More than 200,000 brochures have also been distributed to let the people know that they are not alone in their hour of trouble.

It is of prime importance that help comes in timely. Delay is critical. As soon as a borrower feels that signs are there of financial trouble one should seek help – not after the die is cast. The people must realize that it is their house, their home and their dreams that are at stake. Without waiting for another morrow the first thing is to call the help number and start taking action. With everybody joining hands the tide is bound to turn.