Indiana Code 32-30-10.5-4.7. “Loss mitigation package”
Current as of: 2023 | Check for updates
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Sec. 4.7. As used in this chapter, “loss mitigation package” means a set of documents, the components of which:
(2) provide information about a debtor’s present and projected future income, expenses, assets, and liabilities; and
(1) are specified by the authority under section 10(i) of this chapter;
Terms Used In Indiana Code 32-30-10.5-4.7
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- authority: refers to the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 32-30-10.5-1.2
- creditor: means a person:
Indiana Code 32-30-10.5-2
- 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
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
(3) are necessary for a creditor to make underwriting decisions or other determinations in connection with a potential foreclosure prevention agreement with the debtor to whom the documents apply.
As added by P.L.170-2011, SEC.6.