§ 24-9-5-2 — Acceleration; reinstatement of high cost home loan after cure of default

Indiana § 24-9-5-2

• Jurisdiction: Indiana
• Art. 9: HOME LOAN PRACTICES
• Ch. 5: Claims, Defenses, Remedies

Text

(a) If a creditor asserts that grounds for
acceleration under the terms of a high cost home loan exist and
requires the payment in full of all sums secured by the security
instrument, the borrower or a person authorized to act on the borrower's
behalf at any time before the title is transferred by means of
foreclosure, judicial proceeding and sale, or otherwise may cure the
default and reinstate the high cost home loan by tendering the amount
or performance as specified in the security instrument.
(b) If the borrower cures the default on a high cost home loan, the
original loan terms shall be reinstated, and any acceleration of any
obligation under the security instrument or note arising from the default
is nullified as of the date of the cure.

Legislative History

As added by P.L.73-2004, SEC.33.