Stop Indiana Foreclosure
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Foreclosure is a very serious matter, your now receiving all sorts of letters in the mail from different companies all telling you that they can help you. They could be all very confusing. If you've noticed, they all want you to do one of the following, so let's go over each of them one at a time.
Just Walk Away
It has come to our attention that some organizations are advising people on the phone and by mailers to home owners, to just walk away and let it go to foreclosure. It appears the organizations behind this campaign may be groups of investors that want to buy your property cheap at auction. This can be devastating for home owners in many states, as the home owner is responsible for the deficiency, which means if you owe $225,000 on your loan, and your home sells for $100,000 at auction, you're on the hook for the $125,000 difference. They can garnish wages to get it. This means the investor gets a great deal and the homeowner gets a huge bill as they are being kicked to the curb.
Private Investors/Lenders:
They will tell you that they will bring your mortgage current and payoff all back fees to save your home, and they will too, for a price of coarse.
In order for them to do that you must " quick Deed" (sign over your home to them in their name). In turn they will gladly lease your home back to you with 15-20% higher payments for maybe 1-2 or 3 years until they have made their investment back. Then they will agree sign your home back to you. Sounds good so far right? But here's the trick.
In the contract that you sign, always somewhere in the fine print. It will say if the leasee (you) are 24 hours late with your monthly payment within the duration of your contract, that the lessee (you) must evacuate the premises. Usually within 5 - 7 days. Over 90% of homeowners that fall for this trick end up losing there homes. These investors all know that you've had payment problems in the past, that's why they prey on homeowners in your situation. Next thing you know your family is out on the street, with no home or hope and the investor just tricked you out of your $150,000 home that cost them only $4,000 to $5,000 so PLEASE BEWARE, don't do it.
New Loan:
you to take out another loan (it sounds good on the surface but you'll pay much, much more in the long run). You have to start of a new loan from the beginning, you eventually lose all of your equity. All of your past payments are just wasted. You gain nothing. Don't fall for it.
Bankruptcy:
Don't do it! It will only save your home temporarily. Big rouble awaits you around the corner. Everyone says "file for bankruptcy it's easy don't worry we can get you squared away". Yea right. Do yourself a huge favor Don't do it!!
If you truly would like to save your home and have your case handled correctly, call the professionals. We will evaluate your case for free and inform you of your rights as a homeowner. We will introduce you to the many options that are available to save your home. To get your free evaluation either fill out a short questionier by clicking here or call now, 1-888-209-1424. | |
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Indiana Foreclosure Process
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If you do not FULLY understand the foreclosure process outlined on this page and how it may apply to you please take advantage of our FREE consultation by clicking here.
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:
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Before January 1, 1958: |
12 months |
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Between January 1, 1958 - July 1,1975 |
6 months |
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After July 1, 1975 |
3 months |
Procedure
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.
Redemption
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. |
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