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Posted by Irwin on February 24, 2006 at 07:18:31:
In Reply to: Mostly semantics posted by Jim V on February 23, 2006 at 12:32:26:
Jim: You and Steele are both right. Actually, Indiana has neither pre nor post sale redemption. IN has an automatic stay of execution, which says, in effect, that you can file the suit and get a judgment after 20 days notice, but you can't schedule a sheriff's sale until 90 days after the complaint has been filed. (It was originally one year but has been amended down to 90 days.) The purpose is to avoid quick foreclosures and give the borrower time to try to take steps to avoid losing his property. We call it a "redemption period" because it's easier than calling it "the period of time for the borrower to take steps to avoid losing the property :-)"
: Steele,
: I think it's mostly semantics, because I don't really see how it's a redemption if the sheriff's sale hasn't happened yet. There is a distinct reinstatement period, so maybe they just needed something different to call the time period before the sheriff's sale.
: Indiana Code 32-29-7-7
