New changes to Indiana’s foreclosure law took effect July 1, 2010. Some of the more notable changes are as follows.
1) Pre-suit Foreclosure Notice. Under the new law, the 30-day pre-suit foreclosure notice (which was previously required to be sent in all foreclosure cases), is now only required in cases involving the debtor’s primary residence. The new law serves to clarify an ambiguity under prior law, which should help to reduce costs and delays in commercial foreclosure actions while still protecting consumers at risk of losing their homes. (more…)