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In Indiana, Non-Judicial Foreclosure process is not an option. Foreclosures are handled through the court system. The lender must sue the borrower and obtain an order to foreclose. The lender then must wait from three (3) to twelve (12) months before proceeding with the foreclosure. This time frame depends on the original date the mortgage was executed. The borrower may waive this right to redeem the property, but if he does so, the lender may not sue the borrower for a deficiency judgment, in the event the property does not sell for an amount that pays the due loan balance, plus costs.
The court will issue a notice of sale that the county sheriff must post weekly for three (3) consecutive weeks in a newspaper that is in general circulation in the county in which the property is located. The first publication must be thirty (30) days prior to the sale. Also, the notice must be served to the borrower and posted in at least three public places in the township where the property is located.
The sheriff conducts the sale on the date specified in the notice between the hours of 10:00 am and 4:00 pm. The high bidder receives a deed to the property.
The borrower has no right to redeem the property after the sale, and the lender may sue the borrower for a deficiency judgment. |
