SB 582 Summary

• Requires creditors to send pre-suit notice to debtors at least 30 days before filing foreclosure actions and inform debtors of their right to participate in settlement conferences

• Establishes mandatory settlement conferences in residential mortgage foreclosure actions, with courts staying dispositive motions until the debtor either fails to request a conference, completes a conference without reaching agreement, or fails to provide required loss mitigation documents

• Authorizes courts to issue provisional orders requiring debtors to continue making monthly mortgage payments during foreclosure proceedings, with amounts held in trust and credited if a foreclosure prevention agreement is reached

• Designates certain foreclosure-related information as confidential public records, including debtor contact information and documents submitted as part of loss mitigation packages

• Directs the Indiana Housing and Community Development Authority to prescribe required documents for loss mitigation packages and establish settlement conference procedures, effective July 1, 2011

• Creates new chapter allowing non-owners to enter vacant or abandoned property for inspection and maintenance without liability, and directs legislative study of short sales and nonjudicial foreclosure processes