Indiana Foreclosure
Indiana Foreclosure allows only judicial foreclosure and no non judicial procedure. Rights of redemption and deficiency judgments are available to respective parties. Typical timeline is 150 days and instrument of security is mortgage. Property will be put up for auction under the court declaration with a wait time thrown in between sale date and the date of filing suit in court. Typically it varies from three to twelve months. In the mean time, if the borrower, empowered by the law, petitions court for waiver of the wait time, it benefits the lender too. However lender has to forego its right to deficiency judgment. Other stipulations include – 3 weeks of news ads with the first falling before 30 days of the sale. Sheriff serves the notices on each of the owners and transfers the deed when the sale ends satisfactorily.
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