The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1933-08-17
THOUSANDS IN
STATE TO GET
AID ON HOMES
Throng of Applicants Given
Advice on Opening Day
in Office Here.
OPERATION SPEEOED UP
Mckinney Frames System
to Expedite Work of
Corporation.

More than 1000 people were in
terviewed by E Kirk Mckinney.
state chairman OF the Home own
ers' Loan Corporation. and his as
sistants on the first day the insti-
tuition operated here
At least 5000 applications we're
received in the state. This number.
added 10 letters Of application on
file. increases the number Of home
owners seeking relief from the
corporation 10 nearly 10000.
Mckinney and Joseph G. Wood
state counsel. and Jack Strickland
office manager at state headquart~
ers here. we're busy the entire day
answering questions and instructing
loan seekers in the correct way 10
Ill out their application.
File Temporary Papers
Each applicant was instructed to
file out a temporary application
which would assist HOLC officials
in determining IL loan could be
made under provisions Of the law.
Only home owners living in their
homes can be benefited. according
to law. and they must be in actual
distress or in danger of losing their
property through foreclosure pro-
ceedings or confiscation by the state
for back taxes.
"A large number of applicants,
saws Mckinney are under the i'm
Loan Corporation is refinancing
institution and that the present
mortgages on their property can De
refinanced at lower interest rate
than now being paid. This is not
true. The corporation is not com
peting with the present mortgage
lender. nor will IL in the future.
In fact. we must and will pro-
tect the home owner of the future
bv not disturbing the present mort
gage lenders in any way
Speeds Up Operation
Home owners living in their prop
erty valued at more than 10000
with mortgages that are delinquent
or about to be. or on which the
taxes for at least one year have
not been paid. or where money is
needed to pay the current tax as
sessment are eligible for help. ac-
cording to Wood. Loans also can be
made for necessary repairs.
To handle the large number OF
applicants and to speed up opera
tions in the office. Mckinney has
issued an order whereby applications
can be filed by letter in district
zone offices. at Fl. Wayne, South
Bend. Gary Hammond. Evansville
and the two branches of Indianap-
oils at Terre Haute and Richmond
Ind.
The procedure will be to give each
applicant, following receipt of his
letter in the corporation office. a
temporary application blank. Upon
its return. its classification will be
determined by inspectors. who will
decide then whether loan can be
made under provisions of the act
Must Get Consent on Bonds
This determined. II will be then
necessary TO obtain the consent OF
the mortgage holder to accept the
home loan bonds IN return for the
mortgage The property then will
be appraised and the abstract ex-
amined. If everything is in order
the loan will be advanced.
Some leeway was given McKin-
ney. while in Washington over the
weekend in conference with federal
directors of the corporation. He
was advised to follow the letter
of the law to the best of your ability
but you always can temper your
decisions with mercy" This is an
indication that the letter OF the
law will not be followed in every in
stance. but that. in some borderline
case not strictly within its provi-
sions. loans will be granted to re-
lieve distress.