Indiana foreclosure

The security instrument used in Indiana is the mortgage. The Indiana foreclosure process is usually judicial, meaning it uses the court system.

In the judicial foreclosure process, the lender files a lawsuit with the court. If the judge finds in favor of the lender he/she will issue a court order allowing the bank to auction off the property to the highest bidder.

The only difference between Illinois and other states is that the date when the mortgage was signed determines when the lender can sell the home. That time period can vary between 3 months and 12 months. You, the borrower can waive this, however. The only reason why someone might waive this is to avoid a deficiency judgment. A deficiency judgment may be granted if the home sells for less than is owed on it.

Before conducting the sale, the lender must run an ad once per week for 3 weeks. A time period of 30 days must elapse between when the first ad is published and the date of the sale.Also the borrower and all other owners must be served with a copy of this notice by the sheriff.



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