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IC 24-5.5-2
Chapter 2. Definitions
IC 24-5.5-2-1
Application of definitions
Sec. 1. The definitions in this chapter apply throughout this
article.
As added by P.L.209-2007, SEC.2.
IC 24-5.5-2-2
"Foreclosure consultant"
Sec. 2. "Foreclosure consultant" means a person who, directly or
indirectly, makes a solicitation, a representation, or an offer to a
homeowner to perform, with or without compensation, any service
that the person represents will:
(1) prevent or postpone the initiation of a foreclosure
proceeding, or reverse the effect of a foreclosure proceeding;
(2) allow the homeowner to become a lessee or renter in the
homeowner's residence during or after a foreclosure proceeding;
or
(3) allow the homeowner to have an option to repurchase the
homeowner's residence after a foreclosure proceeding.
As added by P.L.209-2007, SEC.2.
IC 24-5.5-2-3
"Foreclosure purchaser"
Sec. 3. "Foreclosure purchaser" means a person who purchases
real property in a foreclosure proceeding.
As added by P.L.209-2007, SEC.2.
IC 24-5.5-2-4
"Foreclosure reconveyance"
Sec. 4. "Foreclosure reconveyance" means a transaction
involving:
(1) the transfer of interest in real property by a homeowner to
a person during or incident to a proposed foreclosure
proceeding, either by:
(A) transfer of interest from the homeowner to the person; or
(B) creation of a mortgage, trust, or other lien or
encumbrance during the foreclosure process;
that allows the person to obtain legal or equitable title to all or
part of the real property; and
(2) the subsequent conveyance, or promise of subsequent
conveyance, of interest back to the homeowner by the person or
the person's agent that allows the homeowner to possess the real
property following the completion of the foreclosure
proceeding.
As added by P.L.209-2007, SEC.2.
Indiana Code 2016
IC 24-5.5-2-5
"Formal settlement"
Sec. 5. "Formal settlement" means a face-to-face meeting with a
homeowner to complete final documents incident to the:
(1) sale or transfer of real property; or
(2) creation of a mortgage or equitable interest in real property;
conducted by a person who is not employed by or an affiliate of the
foreclosure purchaser.
As added by P.L.209-2007, SEC.2.
IC 24-5.5-2-6
"Homeowner"
Sec. 6. "Homeowner" means a person who holds record title to
residential real property as of the date on which:
(1) a contract with a foreclosure consultant; or
(2) a foreclosure reconveyance agreement;
with respect to the residential real property is entered into.
As added by P.L.209-2007, SEC.2.
Indiana Code 2016
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