Indiana Code 5-20-6-2. Mortgage counseling and education program
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Sec. 2. (a) The authority may establish a program to provide free mortgage foreclosure counseling and education to homeowners who have defaulted on or are in danger of defaulting on the mortgages on their homes.
(c) The program may include a central toll free telephone number that homeowners may call to receive mortgage foreclosure counseling and education.
(b) The authority may enter into an agreement with any public, private, or nonprofit entity to carry out any part of the mortgage foreclosure counseling and education program.
Terms Used In Indiana Code 5-20-6-2
- authority: refers to the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-6-1
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(d) The authority may award grants for the training of counselors who will provide mortgage foreclosure counseling and education.
(e) The authority may establish standards for the certification of counselors who will provide mortgage foreclosure counseling and education.
(f) The authority may expend money for the purpose of advertising the mortgage foreclosure counseling and education program and the central toll free telephone number included in the program under subsection (c).
As added by P.L.176-2007, SEC.1.