Re: Indiana Foreclosure

Posted by Steele in Minnesota on February 23, 2006 at 07:01:39:

In Reply to: Re: Indiana Foreclosure posted by Jim V on February 23, 2006 at 01:26:19:

:
: Steele,

: I am under the impression that Indiana cuts off a mortgagor's right of redemption at the sheriff's sale. There is no post sale right of redemption.

: Most of the available guides I've seen governing different foreclosure procedures aren't very precise. They'll try to fit things into formats that are easily readable, but don't convey the details.

: Isn't the saying "the devil is in the details"? :)
********************************

Went to another foreclosure information site and posed the question and an Indiana specialist stated that there was, in fact, no redemption period in Indiana.

Part of the question from me was regarding the incorrect use of "redemption". It is not a matter of redemption ending at Sheriff Sale in Indiana. They don't have a redemption period. The borrower doesn't get a chance to redeem.

So it is not a case of it ending. They never had it in the first place.

And you are right in that the charts are not always right. Have seen another case of most of them claiming no redemption period for a particular state and there actually is one. But for the life of me I don't remember which state.

I do know that Michigan and Minnesota both have six month redemption periods (in the typical scenario). With a few exceptions. So it is rare for anyone but the lender to bid at the Sheriff Sale.

As I understand it the majority of states do not have a redemption period. Borrower is done at Sheriff Sale.

Steele V. Propp
Minneapolis, MN
steelep@aol.com

Follow Ups:

• Re: Indiana Foreclosure - Irwin 07:22:05 02/24/06 (0)
• Mostly semantics - Jim V 12:32:26 02/23/06 (1)
  • Re: I can settle this - Irwin 07:18:31 02/24/06 (0)

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Comments:
: : 
: : Steele,

: : I am under the impression that Indiana cuts off a mortgagor's right of redemption at the sheriff's sale.  There is no post sale right of redemption.

: : Most of the available guides I've seen governing different foreclosure procedures aren't very precise.  They'll try to fit things into formats that are easily readable, but don't convey the details.

: : Isn't the saying "the devil is in the details"? :)
: ********************************

: Went to another foreclosure information site and posed the question and an Indiana specialist stated that there was, in fact, no redemption period in Indiana.

: Part of the question from me was regarding the incorrect use of "redemption".  It is not a matter of redemption ending at Sheriff Sale in Indiana.  They don't have a redemption period.  The borrower doesn't get a chance to redeem.

: So it is not a case of it ending.  They never had it in the first place. 

: And you are right in that the charts are not always right.  Have seen another case of most of them claiming no redemption period for a particular state and there actually is one.  But for the life of me I don't remember which state.

: I do know that Michigan and Minnesota both have six month redemption periods (in the typical scenario).  With a few exceptions.  So it is rare for anyone but the lender to bid at the Sheriff Sale.

: As I understand it the majority of states do not have a redemption period.  Borrower is done at Sheriff Sale.

: Steele V. Propp
: Minneapolis, MN
: steelep@aol.com 


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