 Indiana Loan Modification Guidelines
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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