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The Process In Indiana, a lender can file a
lawsuit to foreclose on real estate. The date the mortgage was signed
determines the length of time it takes between the filing of the lawsuit and
the foreclosure sale. Here are the applicable waiting periods:
Before January 1, 1958:
Between January 1, 1958 - July 1,1975
After July 1, 1975
If the owner files a waiver of the time limit with the
court clerk, which has been signed by the lender (or judgment holder), then the
foreclosure sale process may begin without the need to delay 3 to 12 months. If
such a waiver is used however, the lender loses the right to sue the borrower
for a deficiency.
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 no) committing waste, which
means tearing up the property.
There is no right to redemption after the foreclosure
sale. The waiting precedes the sale. If the property is not a principal
residence, a receiver can be appointed to take charge of it.