The courts have inherent power to restrain the sale of mortgaged premises in foreclosure proceedings, but are reluctant to exercise such power except where it is shown that particular circumstances, extrinsic to the instrument, would render its enforcement in this manner inequitable and work irreparable injury, and that complainant has no adequate remedy at law. Furthermore, a party must show a probable right of recovery in order to obtain a temporary injunction of a foreclosure action.
Indiana Petition or Complaint to Enjoin Nonjudicial Foreclosure Sale and for Declaratory Relief
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FAQ
In Indiana, there is no redemption period after the foreclosure.
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.
Foreclosure is what happens when you can't pay your mortgage and the lender takes over owning your home. The lender then sells your home to pay off what you owe them. You have no control over how the home is sold and will be given notice to leave the property, sometimes even before it's sold.
If you don't work with your lender or aren't able to come to a solution and miss three or more payments, your lender will file a notice of default, which is a public record stating that your loan is in default. This is the beginning of the preforeclosure process and tends to be about 1 ? 3 months long.
Under federal law, the servicer usually can't officially begin a foreclosure until you're more than 120 days past due on payments, subject to a few exceptions.
In Indiana, the statute of limitations on a mortgage foreclosure is ten (10) years from the last installment of the debt becoming due, as indicated by the record of the lien. This means that if the debt has not been paid within ten years, the lender can no longer pursue foreclosure.
Does Indiana Law Allow for a Redemption Period After a Foreclosure? No, a borrower has no right to redeem an Indiana property after a foreclosure sale.
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.