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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.
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.
Indiana Does Not Have a Post Sale Redemption Period To be clear, redeeming the property means paying to bring any loan payments and late fees owed up to date, and then you will have to continue to make your regular loan payments.
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.
Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.
In Indiana, there is no redemption period after the foreclosure.
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.
How Do I Get Out of Foreclosure in Indiana? A few potential ways to stop a foreclosure include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.