Full question:
How do I foreclose on a person who refuses to make payment? Where to I get the forms that I need to start proceeding.
- Category: Real Property
- Subcategory: Foreclosure
- Date:
- State: Indiana
Answer:
In Indiana, foreclosures are handled through the court system, typically taking about nine months. The process begins when the lender files a complaint against the borrower. While Indiana law does not require a default notice before filing, most lenders do send one.
The pre-foreclosure period, which is the time between filing the complaint and the foreclosure sale, usually lasts three months for most mortgages. For older mortgages, it can extend to six or twelve months. There is no waiting period for abandoned properties. The borrower may agree to waive this period, allowing the sale to proceed, but this means the lender cannot pursue any remaining debt not covered by the sale.
After the pre-foreclosure period ends, the court issues an order of sale and judgment, which the clerk certifies to the sheriff. The sheriff then conducts the foreclosure sale. Before the sale, the borrower can pay the debt, interest, and costs to satisfy the judgment, leading to the dismissal of the complaint.
The sheriff appoints an auctioneer for the sale, which must be advertised weekly in a local newspaper for three weeks, starting at least thirty days before the sale. Additionally, the sheriff must post notices in at least three public places and the county courthouse. The borrower is served with the notice of sale by the sheriff.
After the sale, ownership transfers to the highest bidder, and the borrower loses their redemption rights. If the sale is postponed, a new request must be filed, and notices must be re-served and republished.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.