Indiana Sets New State Record For Mortgage Modifications

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Indiana Sets New State Record For Mortgage Modifications

By Scott Sarvay

Story Published: Jan 12, 2009 at 12:25 PM EDT

Story Updated: Jan 12, 2009 at 12:25 PM EDT

INDIANA (Indiana's NewsCenter) - A record number of Hoosiers are trying to save their homes from foreclosure by modifying their mortgages.

The Homeowners Preservation Foundation says there were 5,000 mortgage modifications statewide during the third quarter of last year.

That's four times higher than in all of 2007.

But the modifications were mixed, with nearly half of them resulting in higher mortgage payments.

Some homeowners even ended up back in default.

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