Safeguard Properties - State of Indiana SB 492 Pre-Suit Notification Requirements

State of Indiana SB 492 Pre-Suit Notification Requirements

Sunday, 31 May 2009

On May 15, 2009 the Indiana governor signed SB 492, which became Public Law 105. Of note to the default servicing industry are the provisions of SB 492, which amended In Code Se 32-30-20 and that enacted In. Code Sec 32-30-10.5.

Effective July 1, 2009, which require lenders and servicers to:

Provide a pre-suit notice prior to filing a complaint in a foreclosure action. This notice must:
- Inform the debtor that the debtor is in default
- Encourage the debtor to obtain assistance from a mortgage foreclosure counselor, and
- Contain the contact information for the Indiana Foreclosure Prevention Network.
- Be provided to the debtor at least 30 days before filing a foreclosure complaint
Give a debtor the right to schedule a settlement conference during foreclosure proceedings. Lenders and servicers filing a foreclosure action on a debtor's primary residence must include, with the complaint, a notice informing:
- A debtor of the right to participate in a settlement conference.
- The debtor that they may schedule a settlement conference by notifying the court within 30 days of the date the notice is served.

To view the full text of the enacted legislation, please click here. About Safeguard
Safeguard Properties is the largest privately held field services company in the country. Located in Cleveland, Ohio and founded in 1990 by Robert Klein, Safeguard has grown from a regional preservation company with a few employees and a handful of contractors performing services in the Midwest, to a national company with over 700 employees. Safeguard is supported by a nationwide network of subcontractors able to perform any requested superintendence, preservation, and maintenance functions, as well as numerous ancillary services in the U.S., the Virgin Islands, and Puerto Rico.