Re: FORCLOSURE
Posted by Ray on February 28, 2005 at 19:36:09:In Reply to: FORCLOSURE posted by TINA on February 28, 2005 at 17:33:02:
: WE ARE 3 MNTS BEHIND ON OUR HOME PAYMENT I WOULD LIKE TO KNOW, WHAT COMES NEXT ; HOW LONG DO WE HAVE ; AND CAN THEY LOCK UP THE HOUSE WITH OUR ITEMS IN IT BEFORE WE GET THEM OUT we are in indianaI hope you understand this as it is important. You can stay in the home until the sale of foreclosure rentfree unless you or your family damaging the place. It is spelled out in the document I am forwarding to you below.
Info on Ind. Indiana Foreclosure Law Summary
Quick Facts - Judicial Foreclosure Available: Yes- Non-Judicial Foreclosure Available: No- Primary Security Instruments: Mortgage- Timeline: Typically 150 days- Right of Redemption: Yes- Deficiency Judgments Allowed: Yes In Indiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.
Judicial ForeclosureThe judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, there is a wait time between the date the suit was filed and the day the property is sold.
In Indiana, the date the mortgage was signed determines the length of time a lender must wait between filing the suit and proceeding with the foreclosure sale. The wait time is anywhere from three (3) to twelve (12) months, but the owner may file a waiver of the time limit, which allows the sale to proceed without delay. When this occurs, the lender loses the right to pursue a deficiency judgment.
The foreclosure sale process involves publishing an ad once a week for three weeks. The first ad must be run 30 days before the sale. At the time the first ad is run, each owner must be served with notice of the foreclosure sale by the sheriff. The sheriff conveys title by a deed given immediately after the sale. The owner may reside in the property, rent free, until the foreclosure sale, provided the owner is not committing waste, which means tearing up the property.
Click here for more information on Indiana foreclosure laws.
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Comments:: : WE ARE 3 MNTS BEHIND ON OUR HOME PAYMENT I WOULD LIKE TO KNOW, WHAT COMES NEXT ; HOW LONG DO WE HAVE ; AND CAN THEY LOCK UP THE HOUSE WITH OUR ITEMS IN IT BEFORE WE GET THEM OUT we are in indiana: I hope you understand this as it is important. You can stay in the home until the sale of foreclosure rent: free unless you or your family damaging the place. : It is spelled out in the document I am forwarding to you below. : Info on Ind. : Indiana Foreclosure Law Summary: : Quick Facts : - Judicial Foreclosure Available: Yes: - Non-Judicial Foreclosure Available: No: - Primary Security Instruments: Mortgage: - Timeline: Typically 150 days: - Right of Redemption: Yes: - Deficiency Judgments Allowed: Yes : In Indiana, lenders may foreclose on a mortgage in default by using the judicial foreclosure process. : Judicial Foreclosure: The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. However, there is a wait time between the date the suit was filed and the day the property is sold. : In Indiana, the date the mortgage was signed determines the length of time a lender must wait between filing the suit and proceeding with the foreclosure sale. The wait time is anywhere from three (3) to twelve (12) months, but the owner may file a waiver of the time limit, which allows the sale to proceed without delay. When this occurs, the lender loses the right to pursue a deficiency judgment. : The foreclosure sale process involves publishing an ad once a week for three weeks. The first ad must be run 30 days before the sale. At the time the first ad is run, each owner must be served with notice of the foreclosure sale by the sheriff. The sheriff conveys title by a deed given immediately after the sale. The owner may reside in the property, rent free, until the foreclosure sale, provided the owner is not committing waste, which means tearing up the property. : Click here for more information on Indiana foreclosure laws. Optional Link URL : Link Title :