Rebuttable presumptions; homeowner's ability to pay upon reconveyance

Sec. 1. For purposes of this chapter, there is a rebuttable presumption that: (1) a homeowner has a reasonable ability to pay for a subsequent reconveyance of real property if the homeowner's payments for primary housing expenses and regular principal and interest payments on other personal debt, on a monthly basis, do not exceed sixty percent (60%) of the homeowner's monthly gross income; and (2) the foreclosure purchaser has not verified reasonable payment ability if the foreclosure purchaser has not obtained documents other than a statement by the homeowner of assets, liability, and income. [Pre-2026 Revision Citation: 24-5.5-5-1.] As added by P.L.115-2026, SEC.97.