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Posted by Irwin on February 24, 2006 at 07:22:05:
In Reply to: Re: Indiana Foreclosure posted by Steele in Minnesota on February 23, 2006 at 07:01:39:
Steele: I posted an answer to this question on Jim's posting just below this one.
: :
: : 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
