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Many Hoosier homeowners are facing the worst financial crisis of their lives – their homes are in danger of being taken away from them in foreclosure. There are many companies and individuals who will promise to help you avoid foreclosure or to modify your loan for a fee. Indiana law regulates the activities of foreclosure consultants and the Office of the Indiana Attorney General enforces those laws. If you are facing foreclosure or are in danger of foreclosure there are things you need to know, including:
In July 2009, the Indiana Attorney General and 39 other attorneys general entered into a multi-state settlement with Countrywide Home Loans, now owned by Bank of America. The settlement created a loan modification program called the National Homeownership Retention Program. The value of this program could reach $8 billion in savings for Hoosier homeowners. The Office of the Indiana Attorney General is focused on keeping as many families in their homes as possible through this program which could impact as many as 5,000 Hoosiers. The settlement also provides $2.8 million in consumer restitution for 1,901 Indiana families who had a Countrywide home loan and were foreclosed.