By John Byrne, Post-Tribune staff writer
Homeowners would have more time to try to figure out how to keep their homes during a foreclosure proceeding in a bill under consideration by the House of Representatives.
House Bill 1408 would extend from 90 days to 120 days the length of a home foreclosure proceeding before a final judgment could be issued.
The bill's sponsor, Rep. Scott Reske, said Wednesday he wants to help save low income people's homes.
But representatives of the home finance industry told the House Financial Institutions Committee that lengthening the foreclosure process would simply contribute to more homes sitting empty in many inner city neighborhoods.
"And then you would see the aluminum siding stolen, the air conditioning units stolen, the copper wiring torn out, because that's what happens," said Louis Mahern, a lobbyist for the Indiana Consumer Finance Association.
The "good faith effort" provision would require lenders to obtain information on a borrower's credit history, as well as "other relevant information about the borrower's present and future income, expenses, assets, and liabilities."