§ 32-29-7-5 — Foreclosed property; waiver of time limitations; no protection or defense against deficiency judgment

Indiana § 32-29-7-5

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 29: MORTGAGES
• Ch. 7: Foreclosure ─ Redemption, Sale, Right to Retain

Text

(a) The owner of the real estate subject to the
issuance of process under a judgment or decree of foreclosure may,
with the consent of the judgment holder endorsed on the judgment or
decree of foreclosure, file with the clerk of the court a waiver of the
time limitations on issuance of process set out in section 3 of this
chapter. If the owner files a waiver under this section, process shall
issue immediately. The consideration for waiver, whether or not
expressed by its terms, shall be the waiver and release by the judgment
holder of any deficiency judgment against the owner.
(b) This section is not intended to provide the owner of real estate
subject to the issuance of process under a judgment or decree of
foreclosure any protection or defense against a deficiency judgment for
purposes of the borrower protections from liability that must be
disclosed under 12 CFR 1026.38(p)(3) on the form required by 12 CFR
1026.38 ("Closing Disclosures" form under the Amendments to the
2013 Integrated Mortgage Disclosures Rule Under the Real Estate
Settlement Procedures Act (Regulation X) and the Truth In Lending
Act (Regulation Z) and the 2013 Loan Originator Rule Under the Truth
in Lending Act (Regulation Z)).
[Pre-2002 Recodification Citation: 32-8-16-1.5.]

Legislative History

As added by P.L.2-2002, SEC.14. Amended by P.L.54-2016, SEC.4; P.L.73-2016, SEC.30.