As a follow-up to our client advisory published on May 18, 2011, regarding Changes in Indiana Foreclosure Procedures per Senate Bill 582, the Indiana Housing and Community Development Authority (IHCDA) posted the revised language in the settlement conference notice as well as the new loss mitigation documents to be used in all residential foreclosure cases after June 30, 2011.

The new loss mitigation documents as prescribed by the IHCDA include the Loss Mitigation Package (checklist) and Loss Mitigation Forms.

Where the debtor requests a settlement conference, the debtor is required to provide these new forms to the lender's counsel and the court at least thirty (30) days prior to the settlement conference. Furthermore, the lender is required to provide the debtor with a copy of the payment history substantiating the debt, as well as an itemization of all amounts owed (payoff statement), via certified mail at least thirty (30) days prior to the settlement conference.

Visit www.in.gov/ihcda/3110.htm Pre-foreclosure Notices Required By SB 492 for more information and links to the items listed above.

If you have any questions on this matter, please contact Zarksis Daroga, Esq. Zarksis provides foreclosure services as an associate in WWR's Integrated Real Estate Default Group and is based in the Cincinnati office. He can be reached at 513.333.4075 or zdaroga@weltman.com.