Indiana Foreclosure Law: How The Foreclosure Process Affects You

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This section will review foreclosure laws in Indiana. Because foreclosure laws vary from state to state, it is important to understand how the Indiana.foreclosure process works. Remember, when you consider buying a foreclosure, the state in which the property is located determines the laws regarding the property, not the state where the buyer may reside. In many cases buyers of foreclosed homes located in Indiana also live in Indiana. Be aware of how state foreclosure laws may impact your personal situation. You can learn a lot about the system for foreclosure in Indiana in this section, but our information is not a substitute for professional legal advice. And because every state’s laws are subject to change without notice, we recommend you consult a real estate lawyer to gain a professional opinion of our information, and your interpretation of the information, as it applies to your specific real estate investment or home purchase situation. Visit the Indiana law details below to learn about how Indiana foreclosure handles aspects of judicial or non-judicial availability, primary security instruments, foreclosure timelines and foreclosure filing milestones, guidelines for Power of Sale in Indiana, and application of deficiency judgments. We’ll help you understand these foreclosure law terms and how Indiana applies them to the process. You may or may not need to navigate through Indiana’s laws in great detail during your purchase process, but smart foreclosure buyers find that learning a lot might help save a lot on a discount home purchase.
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
Information on Indiana foreclosure laws.
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 that 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 3 to 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.

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