The number of Indiana foreclosure homes
jumped by almost 8.4 percent due to high unemployment rate. According to industry experts
, the state fared better compared to last year when it was in the top 10 states across the country with high foreclosure rates
But still, the foreclosure problem remains unabated and if the unemployment rate continues its upward course, it would not be long and the state would find itself again among the top 10 states with the highest foreclosure rate.
Industry experts said that educating distressed homeowners about state laws covering foreclosures would greatly help them in finding ways to remain in their properties.
The Indiana foreclosure process is mostly done in court, with a typical procedure lasting for about nine months. The initial stage of Indiana foreclosure homes process starts in the pre-foreclosure period when foreclosure filings are posted by lenders in court against borrowers who defaulted on their payments.
Unlike other states, Indiana does not require lenders to send notices of default to delinquent borrowers before they file a complaint in court.
However, most lenders in the state send notices of default to delinquent borrowers. The pre-foreclosure period is determined by the date the mortgage was filed and the schedule of foreclosure sale.
A standard pre-foreclosure period is three months but in some cases, particularly involving older mortgages, the process could last for a year. Homeowners may opt to dismiss the pre-foreclosure period, meaning that the sale of the distressed property
could proceed. In this case, lenders have to accept whatever the sale price the foreclosed property fetched on the market as payment for the total debt owed by the homeowner.
Upon the expiration of the pre-foreclosure period, the sheriff's clerk will issue a judgment and order of the sale. The foreclosure sale will proceed upon receipt of the order.
During the foreclosure sale, which will be conducted by an auctioneer appointed by the sheriff, notices of sale are required to be published for three consecutive weeks, with the first publication occurring a month before the sale.
The sheriff is also expected to post the notices of sale in public places, including the county courthouse. The delinquent borrower will be served with a sale notice. The borrowers forfeit their redemption rights upon completion of the sale.
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