Foreclosure Process in Indiana

By: Kathy Swift

Indiana is a strictly judicial state, when it comes to foreclosure laws.  This means that is only handled through the court system.  It takes around 9 months to complete the foreclosure process. 

The process of foreclosure begins when a complaint is filed against the borrower in a court of law.  According to their law, a default notice does not have to be given to the borrower before this complaint can be filed.

Whichever date the mortgage began, dictates the period of time between the actual sale, and the pre-foreclosure period.  Most of the time this, is around 3 months.  Some older mortgages can be 6-12 months.  If a property is abandoned, there is no waiting period.  A lender loses his right to pursue an unpaid debt from the sale of the property, if the mortgage holder allows the sale of the property, if the mortgage holder allows the sale of the property to go through before the pre-foreclosure period is over.

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A certification of the order of sale and judgment are issued by the clerk to the sheriff, once this pre-foreclosure period has expired.  Once this order has been received, the sheriff goes forth with the sale.

Anytime before the sale, the judgment can be satisfied by the borrower.  This includes paying the interest, the debt, and any other costs, the complaint will then be dismissed.

A publication of sale must first be placed 30 days before the sale.  It is then published once a week.  The sheriff chooses an auctioneer to conduct the sale.  He also is in charge of posting the sale in at least 3 places, as well as the courthouse in the county which it is located.  The sheriff also serves the notice of sale to the borrower.

The property ownership is immediately transferred by the sheriff, to the winning bidder.  If the sale is postponed by the lender, all notices must be re-served and re-published.

There is no right of redemption in Indiana once the sale is complete.

Foreclosures
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