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State Foreclosure Information
Indiana
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:
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12 months |
- Between January 1,1958-
July 1,1975
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6 months |
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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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