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Jan
21
Indiana House Bill 1211 has been introduced with the goal of reducing foreclosures.
Various home loan matters. Requires the department of local government finance to revise the sales disclosure form for real estate conveyances to include the application forms for the homestead credit and the mortgage property tax exemption. Requires a closing agent to: (1) provide to a customer, at least 48 hours before the closing of a home loan transaction, a form prescribed by the department of local government finance that describes certain property tax deductions and credits; (2) require the customer, at the time of the closing, to complete and sign either a sales disclosure form, in the case of a first lien purchase money mortgage transaction, or the application form for the mortgage property tax exemption, in the case of a refinancing; and (3) collect and file the completed and signed form with the appropriate county official. Provides that at the time of the closing, the closing agent must: (1) inform the customer of certain other property tax deductions for which the customer may be eligible; (2) offer to provide the customer with the forms necessary for the person to claim the deductions; and (3) provide to the customer any forms requested by the customer. …
HoosierAccess is rooting for the bill’s passage this short session.
Admittedly, I’m rooting for Jeb Bardon’s (D - Indianapolis) and Mike Murphy’s (R - Indianapolis) HB 1211 to make to the Governor’s desk and here’s why. For the last three years I have served on the Board of my Home Owners Association, with one year as President. As a newer neighborhood (finished just two years ago) we’ve had our fair share of home foreclosures over time because people got caught in the middle of mortgages that they could never afford. In my opinion it was the fault of those who signed, but it was also the mortgage lenders fault as well. These mortgage offers were ridiculous and targeted the unsuspecting.
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2 Responses to “Will HB 1211 Stop Foreclosures?”
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The markets today will be all the rage, in many ways now that bad news has moved to the stock market we may lose focus on the mortgage problems that started this little recession.
As a home builder, real estate investor, and mortgage specialist … I can assure you that there is plenty of blame to go around. But the biggest is that the bond investors wanted seriously big returns and the sub prime mess gave them great returns.
Foreclosures could be slowed, causing these investors to lose a little more money, but eventually if someone can’t afford they’ll let the house go back to the bank anyway. I would favor allowing quicker foreclosures but not allowing sub-prime lenders to get deficiency judgements for getting less back than the loan amount.
That would penalize them for making a stupid loan.
Hi Steve,
I wonder if limiting the remedies sub-prime lenders are allowed in foreclosures would make a difference in the way they make loans? But, I assume that they factor in a certain number of legal collections into their business model, so making that change would probably alter the way loans are made, since it would increase their exposure.
I don’t see the legislature doing that in Indiana, however, because it would be seen as removing personal responsibility from debtors for not living up to the contract.