According to RealtyTrac, there has been a recent decrease in the number of homeowners undergoing the foreclosure process in Indiana - as well as around the United States. The company, which monitors foreclosures in the United States and issues its findings in the U.S. Foreclosure Market Report, found that in April, there were four percent fewer bankruptcy filings around the state than there were in March. In addition, the report indicates that there was a 46 percent decrease in foreclosures in Indiana from last year.
RealtyTrac also documented a downward trend around the country. According to the organization, in April there was a nine percent decrease in foreclosure filings from the previous month, and a 34 percent decrease from the previous year.
Although at first blush it may seem that these figures are indicative of an economic recovery, RealtyTrac cautions not to jump to that conclusion. According to RealtyTrac's Senior Vice President, Rick Sharga, the trend is actually caused by the mishandling of foreclosure paperwork by some mortgage lenders - a problem that is being corrected by the United States Justice Department.
"It may take another quarter to work itself out," Sharga told the Indianapolis Business Journal.
How an Attorney Can Help With a Foreclosure
If you are facing the loss of your home, there are a number of ways that a knowledgeable attorney can assist you. Some of the services that foreclosure lawyers provide include:
- Answering your questions about the foreclosure process and what alternatives are available to you if you want to avoid it
- Communicating with your mortgage company on your behalf
- Reviewing the documents related to your mortgage
- Helping you file for bankruptcy, if that option is best for your situation, filing for bankruptcy can often be used to put a stop to foreclosure proceedings
An experienced Indiana attorney can provide further advice and options for your unique situation.
