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Indiana The Process In Indiana, a lender can file a lawsuit to
foreclose on real estate. The date the mortgage was signed determines the
length of time it takes between the filing of the lawsuit and the foreclosure
sale. Here are the applicable waiting periods: Before January 1, 1958:
12 months Between January 1,1958-July 1,1975 6
months After July 1, 1975 3
months Procedure If the owner files a waiver of the time limit with
the court clerk, which has been signed by the lender (or judgment holder),
then the foreclosure sale process may begin without the need to delay 3 to 12
months. If such a waiver is used however, the lender loses the right to sue
the borrower for a deficiency. 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. Redemption There is no right to redemption after the
foreclosure sale. The waiting precedes the sale. If the property is not a
principal residence, a receiver can be appointed to take charge of it |
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