(1) A default judgment rendered in any civil action against a service member during a period of military service or within thirty (30) days after termination of the military service may be set aside if: The person was prejudiced by reason of his or her military service in making a defense to the action;
(2) Application by the person or his or her legal representative is made to the court rendering the judgment not later than sixty (60) days after the termination of the military service; and
(3) The application provides enough facts that it appears that the person has a meritorious or legal defense to the action or some part of the action.
(4) Vacating, setting aside, or reversing any judgment because of any of the provisions of this subchapter may not impair any right or title acquired by any bona fide purchaser for value under the judgment.