Indiana Sample Letter regarding Information for Foreclosures and Bankruptcies
Description
How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
A foreclosure stays on your credit report for seven years from the date of the first missed payment that led to it, but its impact on your credit score will likely fade earlier than that. Foreclosure may hurt your ability to get a new mortgage.
In Indiana, there is no redemption period after the foreclosure.
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.
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.
This entire process from start to finish usually takes about 8-10 months in Indiana.
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.
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.
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.
