The Indiana Supreme Court has agreed to hear a first impression case concerning whether a mortgagee on record had an enforceable right under the mortgage.
The Indiana Court of Appeals was divided on the issue in its May 2011 opinion. The majority sided with the trial court, which held because Citimortgage didn’t redeem the property in question within one year of the judicial sale, its claim was precluded by Indiana Code 32-29-8-3. Citimortgage received Shannon Barabas’ mortgage on her Pendleton property through assignment from Mortgage Electronic Registration Systems. Barabas had refinanced with ReCasa and defaulted, leading to ReCasa foreclosing on the property.
The justices denied transfer to nine cases for the week ending April 13.