The Indiana Supreme Court announced Monday a new program that allows parties in mortgage foreclosure settlement cases to exchange financial documents over a secure online network.
According to the Indiana Housing and Community Development Authority, most of the approximately 300 settlement conferences that happened between July and December 2009 were unsuccessful because one or both parties weren’t prepared. As a result, the secure online portal was created.
St. Joseph and Marion counties and Indianapolis law firm Feiwell & Hannoy P.C. will be the first to use the portal during a pilot phase. Indiana trial courts, housing counselors with the Indiana Foreclosure Prevention Network, and lender attorneys will have access to the secure network. Eventually the network will be used by lenders, borrowers, and law firms around Indiana. The goal is to get other counties and default law firms on the portal by Aug. 1, 2011.
The system also automatically tracks the status of every file so that a record of foreclosures can be viewed by stakeholders. The pilot project is paid for by a $25 filing fee to Default Mitigation Management LLC, which created the portal, for use of it. DMM owns and operates the portal.
The aim of the new portal is to build on the success of the coordinated settlement conferences and facilitate the exchange of necessary documents with the goal that mediation resolutions will happen in less time.