§ 32-30-10.5-1 — Legislative findings; purpose

Indiana § 32-30-10.5-1

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 30: CAUSES OF ACTION CONCERNING REAL
• Ch. 10.5: Foreclosure Prevention Agreements for Residential

Text

(a) The general assembly makes the
following findings:
(1) Indiana faces a serious threat to its state economy and to the
economies of its political subdivisions because of Indiana's high
rate of residential mortgage foreclosures, which constitutes an
emergency.
(2) Indiana's high rate of residential mortgage foreclosures has
adversely affected property values in Indiana, and may have an
even greater adverse effect on property values if the foreclosure
rate continues to rise.
(3) It is in the public interest for the state to modify the
foreclosure process to encourage mortgage modification
alternatives.
(b) The purpose of this chapter is to avoid unnecessary foreclosures
of residential properties and thereby provide stability to Indiana's
statewide and local economies by:
(1) requiring early contact and communications among creditors,
their authorized agents, and debtors in order to engage in
negotiations that could avoid foreclosure; and
(2) facilitating the modification of residential mortgages in
appropriate circumstances.

Legislative History

As added by P.L.105-2009, SEC.20.