Indiana Code 32-30-10.5-4. “Foreclosure prevention agreement”
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Sec. 4. As used in this chapter, “foreclosure prevention agreement” means a written agreement that:
(2) offers the debtor an individualized plan that may include:
(1) is executed by both the creditor and the debtor; and
Terms Used In Indiana Code 32-30-10.5-4
- creditor: means a person:
Indiana Code 32-30-10.5-2
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Forbearance: A means of handling a delinquent loan. A
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: means :
Indiana Code 32-30-10.5-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(A) a temporary forbearance with respect to the mortgage;
(B) a reduction of any arrearage owed by the debtor;
(C) a reduction of the interest rate that applies to the mortgage;
(D) a repayment plan;
(E) a deed in lieu of foreclosure;
(F) reinstatement of the mortgage upon the debtor’s payment of any arrearage;
(G) a sale of the property; or
(H) any loss mitigation arrangement or debtor relief plan established by federal law, rule, regulation, or guideline.
As added by P.L.105-2009, SEC.20.