In order for foreclosures to work successfully, the lenders and those that are being foreclosed on need to have the necessary documents. However, in the past there have been many problems with foreclosing on these homes. It was found that the process was not done correctly or to the satisfaction of those involved and this was because neither sides have had the right information to complete the process effectively. Due to this problem the Indiana Supreme Court is testing an online program that would give both parities the information and documents that they are going to need in order to get the process done effectively and correctly the first time around. When these processes do not go as smoothly as the parties had hoped, many times the process is having to be repeated once again in court, and this will cost everyone more money in the end, as this has happened frequently in the past few years with more and more foreclosures occurring in the area.
The online program is going to allow both lenders and the home owners to find information that could be helpful to them when they go for the settlement in court. Thus, far the program is only running in two counties that handle foreclosure cases, and they are seeing a forty-five percent improvement in the number of those that are bringing the right paperwork and are ready to figure out something to satisfy all those involved. Though this may not seem like much of an improvement, the Indiana Supreme Court is certain that this program is going to affect future cases in bigger ways. Right now, with so many cases being looked over again due to the negligence of the lenders, the case load has dropped, but it will pick back up in the coming months.
With the information that the program is providing, home owners can now know what they need to do in order to avoid having the home foreclosed on. It offers papers on just how they could settle without losing the home, which is something that all homeowners in the area should consider since the process of a foreclosure can have drastic effects on the credit of the people involved. The state started a law in 2009 that gave home owners the option to a settlement court date in order to give them the final chance to save their home. As most professionals point out, this is something that the homeowner should take advantage of because it will help them. Though the law seems to not be reaching the audience as well as the state had hoped. With the program they are hoping to alleviate the concerns and questions that people are having with the process and encourage them to participate.