Timeline:
around 150 days
Redemption:
before the sale only
Deficiency
Judgments: Yes
Judicial
Foreclosure: Yes
Non-Judicial
Foreclosure: No
Security
Instruments: Mortgage
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In Indiana, Non-Judicial Foreclosure process is not an option. Foreclosures
are handled through the court system. The lender must sue the
borrower and obtain an order to foreclose. The lender then must
wait from three (3) to twelve (12) months before proceeding
with the foreclosure. This time frame depends on the original
date the mortgage was executed. The borrower may waive this
right to redeem the property, but if he does so, the lender
may not sue the borrower for a deficiency judgment, in the event
the property does not sell for an amount that pays the due loan
balance, plus costs. |
The
court will issue a notice of sale that the county sheriff must
post weekly for three (3) consecutive weeks in a newspaper that
is in general circulation in the county in which the property
is located. The first publication must be thirty (30) days prior
to the sale. Also, the notice must be served to the borrower
and posted in at least three public places in the township where
the property is located.
The
sheriff conducts the sale on the date specified in the notice
between the hours of 10:00 am and 4:00 pm . The high bidder
receives a deed to the property.
The
borrower has no right to redeem the property after the sale,
and the lender may sue the borrower for a deficiency judgment.
Indiana Foreclosure Law