Indiana Code 24-5.5-5-1. Rebuttable presumptions; homeowner’s ability to pay upon reconveyance
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Sec. 1. For purposes of this chapter, there is a rebuttable presumption that:
(2) the foreclosure purchaser has not verified reasonable payment ability if the foreclosure purchaser has not obtained documents other than a statement by the homeowner of assets, liability, and income.
(1) a homeowner has a reasonable ability to pay for a subsequent reconveyance of real property if the homeowner’s payments for primary housing expenses and regular principal and interest payments on other personal debt, on a monthly basis, do not exceed sixty percent (60%) of the homeowner’s monthly gross income; and
Terms Used In Indiana Code 24-5.5-5-1
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
As added by P.L.209-2007, SEC.2.