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Bill addressing foreclosure-prevention options under fire

INDIANAPOLIS (AP) – Housing advocates say an Indiana law that has helped thousands of residents avoid foreclosure could be gutted under a bill lawmakers are considering.

An amendment to a bill introduced by Republican Sen. James Merritt deals with the 2010 mortgage settlement law that requires lenders to hold conferences with distressed homeowners.

Democratic Sen. Karen Tallian of Portage wrote the amendment. She tells The Indianapolis Star it was designed to reconcile state and federal laws on foreclosure rights and wasn’t meant to hurt distressed homeowners. She’s revised the amendment to restore the court-supervised settlement conferences, but the provision wouldn’t apply to big banks that are subject to federal regulations.

Housing advocates say the revised amendment exempts almost all Indiana mortgage lenders from the state law and effectively eliminates the program.

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Information from: The Indianapolis Star.

Article source: http://www.journalgazette.net/news/local/indiana/Bill-addressing-foreclosure-prevention-options-under-fire-5695129

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