More Hoosiers are filing for foreclosure this year compared to 2010. That’s according to the Indiana Housing and Community Development Authority, which is anticipating between 40,000 and 50,000 new filings this year.
Asset Preservation Director Stephanie Reeve said this spike is due in part to national issues trickling down to the state level.
“I think the change is that Indiana’s problem with foreclosures is economic. I think the economic problems caused by the housing market decline in other states did unfortunately negatively impact us,” said Reeve.
She also said there was a slight dip in filings last year due to robo signings. Those involved loan services signing foreclosure documents without first reading them. Reeve said banks are now catching up and the filing figures are rising. She encourages families facing foreclosure to use free state and federally funded consulting services, which she said save families on average about 450-dollars in monthly mortgage payments.