Located in the Great Lakes region with 6.3 million inhabitants, Indiana is ranked 16th in terms of population and 38th in terms of area. It is a diverse state with one large city, many urban areas, several small industrial cities and many small towns.
Indiana foreclosures are accomplished through the system of courts and the entire process can take nine months to complete. It all begins with the lender filing a lawsuit against the borrower in court for defaulting on the loan. Indiana law does not require the lender to inform the borrower about the complaint in court. The date of execution of the mortgage decides the length of the pre foreclosure period, the interval between the filing of the lawsuit and the public sale.
Usually, this period is for three months but in cases of older mortgages it may extend anywhere between six to 12 months. At the end of the pre foreclosure period, a copy of the sale order, court judgment are issued and certified by the clerk to the sheriff. The process of foreclosure sale is taken forward by the sheriff after receiving the judgment copy.
An auctioneer is appointed by the sheriff to conduct the public sale of Indiana foreclosures. A notice of sale is published once a week for three weeks, with the first publication happening at least 30 days prior to the public sale. It is the duty of the sheriff to post the notice of sale in at least three public places, the county courthouse and to serve it to the borrower. The sheriff transfers the ownership to the highest bidder but any postponement of sale has to be done via filing of sheriff’s sale request. The sale notices too have to be reserved and republished. Indiana does not allow redemption of property to the defaulting owner after the public sale is finished.
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Written by Alex Rolim.
