Indiana Judgment Foreclosing Mortgage and Ordering Sale
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How to fill out Judgment Foreclosing Mortgage And Ordering Sale?
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FAQ
In Indiana, there is no redemption period after the foreclosure.
A Notice of Default is filed when the debtor has defaulted on the terms of a previously-filed agreed entry and the filing party wishes the court to take action such as granting relief from stay. The court may decide to set the matter for hearing or the order may be granted without hearing.
Can the Lender Get a Deficiency in an Indiana Foreclosure? The lender may generally seek a deficiency judgment against the borrower in an Indiana foreclosure, but not if the borrower waives the waiting period (in writing) and the lender agrees. (Ind. Code § 32-29-7-5, § 32-30-10-7.)
Equity of redemption (also termed right of redemption or equitable right of redemption) is a defaulting mortgagor's right to prevent foreclosure proceedings on the property and redeem the mortgaged property by discharging the debt secured by the mortgage within a reasonable amount of time (thereby curing the default).
A foreclosure means that the lender takes control of a property after the borrower misses multiple mortgage payments. This is also referred to as defaulting on the loan. In doing so, the borrower is breaking the mortgage contract they signed with their lender.
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.
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.
