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When you develop a definite plan of action with well-timed, well-informed steps, you can stop the foreclosure process and save
your home. We have outlined the foreclosure process for the state of Indiana.
The Process
In Indiana, a lender can file a lawsuit to foreclose on real estate. The date the mortgage was signed determines the length of time it
takes between the filing of the lawsuit and the foreclosure sale. Here are the applicable waiting periods:
Before January 1, 1958:
12 months
Between January 1,1958- July 1,1975
6 months
After July 1, 1975
3 months
Procedure
If the owner files a waiver of the time limit with the court clerk, which has been signed by the lender (or judgment holder), then the
foreclosure sale process may begin without the need to delay 3 to 12 months. If such a waiver is used however, the lender loses
the right to sue the borrower for a deficiency.
The foreclosure sale process involves publishing an ad once a week for three weeks. The first ad must be run 30 days before the
sale. At the time the first ad is run, each owner must be served with notice of the foreclosure sale by the sheriff. The sheriff conveys
title by a deed given immediately after the sale. The owner may reside in the property, rent free, until the foreclosure sale, provided
the owner is not committing waste, which means tearing up the property.
Redemption
There is no right to redemption after the foreclosure sale. The waiting precedes the sale. If the property is not a principal residence,
a receiver can be appointed to take charge of it. |
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House Payment Rescue 5458 Longley Lane Suite A,
Reno, NV 89511
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Office Phone: 775-824-9002 Cell Phone: Fax: 775-824-9015 |
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Copyright ©
2007 House Payment Rescue |
All rate, payment, and area information are estimates and approximations
only. |
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