Stop Foreclosure in Indiana

 


How to Stop Foreclosure in Indiana

If you’re one of the thousands of Indiana homeowners who have fallen into payments problems, here are several things you can do to prevent your home from being foreclosed.

One of the things that you don’t want to happen whenever you have plans to own a home would be for it to undergo the process of foreclosure. Of course, whenever you decide to purchase a home, it is most important that you too consider your budget first so that in the end you wouldn’t have to face with this kind of ordeal.

The good thing is that there are many ways on how you can avoid receiving a foreclosure notice. For one, it would best to consider your budget first when owning a home. Not because you have money now, you would immediately purchase a home. Remember that what you have is considered as your savings and whatever is on top of the price of the home that you are eyeing is what you can call your rolling budget.

If you have the money and finally decide to purchase your dream home, it would then be important for you to take note of the due dates of your payment. Always pay your dues on time or consider paying them in advance. This is a good practice and would also reflect positively on your records, thus making it easier for you to apply for loans and mortgages in the future.

Before the process of foreclosure, you will be faced with pre-foreclosure if you have lapses in your payment schedule. When this happens, act on it immediately and pay instantly so that it wouldn’t be worsened. Remember to let your lenders know that your lapse in payment is not intentional and never do it again.

These things will certainly help you a lot when it comes to avoiding foreclosure and owning the home that you have always dreamed of and wanted. This will also give you the peace of mind that you need.

Synopsis of Indiana Foreclosure Laws

Judicial Foreclosure Available: Yes

Non-Judicial Foreclosure Available: No

Primary Security Instruments: Mortgage

Timeline: Typically 150 days

Right of Redemption: Yes

Deficiency Judgments Allowed: Yes

In Indiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, there is a wait time between the date the suit was filed and the day the property is sold.

In Indiana, the date the mortgage was signed determines the length of time a lender must wait between filing the suit and proceeding with the foreclosure sale. The wait time is anywhere from three (3) to twelve (12) months, but the owner may file a waiver of the time limit, which allows the sale to proceed without delay. When this occurs, the lender loses the right to pursue a deficiency judgment.

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.

Where to go to for Foreclosure Help

Indianapolis Field Office

Indianapolis Office
151 North Delaware Street, Suite 1200
Indianapolis, IN 46204-2526

Phone: (317) 226-6303
Fax: (317) 226-6317
TTY: (800) 743-3333
Jurisdiction: State of Indiana

John Hall
Field Office Director
email: John_R._Hall@hud.gov

Office Hours: 8:00 a.m. to 4:45 p.m.
Monday through Friday

Stop Foreclosure Early

FEDERAL MORTGAGE LOAN MODIFICATION LLC
317-281-3731
6144 WOODSIDE DRIVE
INDIANAPOLIS, IN

Baytree Lending ~ Dawn Phillips
219-746-4176
742 E Lincoln Hwy 30
Schererville, IN

Coldwell Banker Home Loans
219-746-4176
20 E Lincoln Hwy
Schereville, IN

National Lending Corporation
317-770-4904
14074 Trade Center Drive
Fishers, IN

Wells Fargo – Angola
260-665-9484
2204 N Wayne St
Angola, IN

Parmount Mortgage Funding
317-616-9296
2625 N. Meridian Street, Suite 108
Indianapolis, IN

MVH Mortgage Brokers
260-731-4165
100% Financing Available to Qualified Income/Area
Braynt, IN

Baytree Lending
219-746-4176
742 E Lincoln Hwy 30
Schererville, IN

Schiller Law Offices
317-578-2100
8720 Castle Creek Parkway
Indianapolis, IN

Stonegate Mortgage Corporation
317-570-0450
10412 Allisonville Rd.
Fishers, IN