IBJNews

Indiana foreclosure prevention program expanding

Back to TopCommentsE-mailPrintBookmark and Share

About 10,000 more Indiana homeowners could get help in making their mortgage payments under an expansion of a federally funded foreclosure prevention program, state officials announced Wednesday.

Changes to the Indiana's Hardest Hit Fund program include broader eligibility and nearly doubling the amount of mortgage aid each household could receive. The program first started in 2011 with $221 million in federal funding.

"Our goal is to ensure that every Indiana homeowner who qualifies for assistance has that opportunity to get help," Lt. Gov. Sue Ellspermann said.

Some 1,500 Indiana households have received up to $18,000 in assistance since the program was started, said Mark Neyland of the Indiana Housing and Community Development Authority, which oversees the fund.

Only those who were unemployed have been eligible for the program — and officials are looking for a big jump in applications by broadening eligibility. Those newly eligible include those who can't afford their house payments for reasons such being forced into a lower-paying job, the loss of income from a family member's death, large medical expenses and being called to military service.

Household can receive up to $30,000 in assistance over a two-year period, with those in the program having to complete a financial literacy course.

State Sen. Earline Rogers, D-Gary, said that more education on handling money was an important part of the program to make sure that those who've gotten help to stay in their homes don't fall back into the same situation.

Northwestern Indiana's Lake County, which includes Gary, has long been troubled by a double-digit unemployment rate, and Rogers said expanded mortgage aid will give residents "a ray of hope in what is very often a dim surrounding."

Indiana is among 18 states and the District of Columbia sharing about $3 billion in federal grants announced in 2010 to help homeowners facing foreclosure in the country's toughest job markets.

Indiana had nearly 4,000 new foreclosure filings in March, about the same as a year earlier, according to the foreclosure listing firm RealtyTrac Inc.

Details on the program are available here.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Really, taking someone managing the regulation of Alcohol and making himthe President of an IVY Tech regional campus. Does he have an education background?

  2. Jan, great rant. Now how about you review the report and offer rebuttal of the memo. This might be more conducive to civil discourse than a wild rant with no supporting facts. Perhaps some links to support your assertions would be helpful

  3. I've lived in Indianapolis my whole and been to the track 3 times. Once for a Brickyard, once last year on a practice day for Indy 500, and once when I was a high school student to pick up trash for community service. In the past 11 years, I would say while the IMS is a great venue, there are some upgrades that would show that it's changing with the times, just like the city is. First, take out the bleachers and put in individual seats. Kentucky Motor Speedway has individual seats and they look cool. Fix up the restrooms. Add wi-fi. Like others have suggested, look at bringing in concerts leading up to events. Don't just stick with the country music genre. Pop music would work well too I believe. This will attract more young celebrities to the Indy 500 like the kind that go to the Kentucky Derby. Work with Indy Go to increase the frequency of the bus route to the track during high end events. That way people have other options than worrying about where to park and paying for parking. Then after all of this, look at getting night lights. I think the aforementioned strategies are more necessary than night racing at this point in time.

  4. Talking about congestion ANYWHERE in Indianapolis is absolutely laughable. Sure you may have to wait in 5 minutes of traffic to travel down BR avenue during *peak* times. But that is absolutely nothing compared to actual big cities. Indy is way too suburban to have actual congestion problems. So please, never bring up "congestion" as an excuse to avoid development in Indianapolis. If anything, we could use a little more.

  5. Oh wait. Never mind.

ADVERTISEMENT