§ 24-5.5-5-3 — Foreclosure purchasers; prohibited acts

Indiana § 24-5.5-5-3

• Jurisdiction: Indiana
• Art. 5.5: MORTGAGE RESCUE PROTECTION FRAUD
• Ch. 5: Limitations on Foreclosure Consultants and Foreclosure

Text

A foreclosure purchaser may not enter into or
attempt to enter into a foreclosure reconveyance agreement with a
homeowner unless the:
(1) foreclosure purchaser verifies and demonstrates that the
homeowner has or will have a reasonable ability to:
(A) pay for the subsequent reconveyance of the property back
to the homeowner on completion of the terms of the foreclosure
conveyance; or
(B) if the foreclosure conveyance provides for a lease with an
option to repurchase the real property, make the lease payment
and repurchase the real property within the period of the option
to repurchase;
(2) foreclosure purchaser provides the homeowner written notice
of the homeowner's rights under this article;
(3) foreclosure purchaser and the homeowner complete a formal
settlement before any transfer of interest in the affected property;
and
(4) foreclosure purchaser complies with the security requirements
under IC 24-5-15-8.

Legislative History

As added by P.L.209-2007, SEC.2.