Conference Helps Owners of Foreclosures and Freddie Mac Homes for Sale

by on Foreclosures

Some parts of Indiana have hammered a workout conference wherein homeowners facing potential foreclosures or are in danger of losing their residences to Freddie Mac homes for sale and bank takeovers are given a chance to negotiate with their lenders to find an alternative way by which they can keep their properties.

The state continues to suffer from high numbers of Anderson bank foreclosures and other types of distressed properties in various counties and cities. In Allen County, a state-mandated initiative has been established to control this continuous rise in the number of foreclosed and distressed properties.

The program requires lenders and homeowners to negotiate an alternative that will allow troubled borrowers to keep their residential properties. The initiative has been praised for slowing down the conversion of thousands of residences into Indiana foreclosed homes and for allowing homeowners to have an input into the processing of their residential properties.

However, people involved in the project have stated that homeowners should not consider the program as an absolute solution to the state's bank foreclosure and Freddie Mac homes for sale problems. According to them, homeowners can still lose their houses despite being involved in the workout initiative.

In Allen County, a place where foreclosure homes for sale are reaching levels that have not been seen before, the pilot program has been enthusiastically welcomed by homeowners and judicial courts. Under the initiative, homeowners that have received a notice of foreclosure will also receive a note from the court stating that they have the right to attend a free conference. A telephone number where they can call for help is also provided.

Homeowners who take advantage of the offer and call the number provided are called back by organizers and further details, such as the place and date of the conference, are given. The program also offers free foreclosure counseling services wherein a representative will help them determine whether they can get a loan modification or whether another solution is possible.

The conferences, according to local authorities, are designed to control the increase in the number of bank foreclosures and Freddie Mac homes for sale in the region. The negotiations are attended by facilitators, lawyers and in some cases, by a judge.