Sec. 9. (a) Except as provided in sections 8(e) and 10(g) of this chapter and subsection (b), and subject to section 8.5 of this chapter, after June 30, 2009, a court may not issue a judgment of foreclosure under IC 32-30-10 on a mortgage subject to this chapter unless all of the following apply:

(1) The creditor has given the notice required under section 8(c) of this chapter.

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Terms Used In Indiana Code 32-30-10.5-9

  • 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
  • foreclosure prevention agreement: means a written agreement that:

    Indiana Code 32-30-10.5-4

  • Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
  • loss mitigation package: means a set of documents, the components of which:

    Indiana Code 32-30-10.5-4.7

  • Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
(2) One (1) of the following applies:

(A) The debtor does not contact the court within the thirty (30) day period described in section 8(c) of this chapter to schedule a settlement conference under this chapter.

(B) The debtor contacts the court within the thirty (30) day period described in section 8(c) of this chapter to schedule a settlement conference under this chapter and, upon conclusion of the settlement conference, the parties are unable to reach agreement on the terms of a foreclosure prevention agreement.

(C) In a foreclosure action filed after June 30, 2011, the debtor:

(i) contacts the court within the thirty (30) day period described in section 8(c) of this chapter to schedule a settlement conference under this chapter; and

(ii) does not provide to the creditor and the court at least one (1) of the documents required as part of the debtor’s loss mitigation package, as specified by the authority in the listing developed under section 10(i) of this chapter and included with the court’s notice under section 10(a)(8) of this chapter, within the time specified in the court’s notice under section 10(a)(3)(A) of this chapter.

(3) At least sixty (60) days have elapsed since the date the notice required by section 8(a) of this chapter was sent.

     (b) If the court finds that a settlement conference would be of limited value based on the result of a prior loss mitigation effort between the creditor and the debtor:

(1) a settlement conference is not required under this chapter; and

(2) the conditions set forth in subsection (a) do not apply, and the foreclosure action may proceed as otherwise allowed by law.

As added by P.L.105-2009, SEC.20. Amended by P.L.170-2011, SEC.11; P.L.102-2012, SEC.3.

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