Indiana Foreclosure Eviction Laws
Description
How to fill out Indiana Landlord Tenant Eviction / Unlawful Detainer Forms Package?
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FAQ
Indiana is a judicial foreclosure state, which means the lender must take the borrower to court to foreclose a property. The foreclosure process starts with the lender sending the borrower a notice stating that if the default, or past due amount, isn't remedied within 30 days, a complaint will be filed.
A deed in lieu of foreclosure is a document that conveys title to real estate. What is unique about this particular deed is that the mortgagor surrenders its interests in the real estate to the mortgagee in consideration for a complete release from liabilities under the loan documents.
Indiana foreclosures have four basic parts. The (1) initial ?behind-in-payments? period, (2) the foreclosure lawsuit, (3) the foreclosure judgment, and (4) the sheriff's sale. This entire process from start to finish usually takes about 8-10 months in Indiana.
Drawbacks Of A Deed In Lieu No guarantee of acceptance: Your lender isn't obligated to accept your deed in lieu of foreclosure. Your credit will still take a hit: While a deed in lieu arrangement won't harm your credit as drastically as a foreclosure, you can still expect your score to drop.
AFTER THE SALE If you are the success bidder, it will take one to two weeks to obtain a Sheriff's Deed. If the property is still occupied and you need the Sheriff's assistance in removing the occupants, you must file for a WRIT OF ASSISTANCE (court order), usually obtained with the help of an attorney.