The Foreclosure Process in Indiana
If you are unable to make your mortgage payments, then you may be in danger of foreclosure. Don’t wait a minute longer to obtain legal counsel from my firm. John Steinkamp & Associates, can provide debt relief options and guide you through the process.
In Indiana, the mortgage company will file a foreclosure lawsuit to attempt to either get the debtor to pay the mortgage or get the house returned to the mortgage company. First, however, the mortgage company will call you to get you to pay the mortgage. If you do not resume payments, then the mortgage company will retain legal counsel to prepare a foreclosure lawsuit.
WHAT IS FORECLOSURE?
If a homeowner is falling behind on a mortgage payment, then a lender may attempt to obtain the balance of their loan by forcing the borrower to sell their house. This process is known as foreclosure.
You do not have to leave the house if a foreclosure lawsuit is filed. You will not come home to the sheriff at your house if the foreclosure lawsuit is filed. If you do not respond to the foreclosure lawsuit, then the mortgage company will receive a judgment against you. You still do not have to vacate the house.
Ultimately, the house will go to the sheriff sale docket. You will receive notice of sheriff sale about 4-8 weeks prior to the sheriff sale. It will be sent to you via certified mail. If you do not file bankruptcy, then you will have to vacate the house before the sheriff sale.
If you file bankruptcy, then the sheriff sale is postponed for 6 months or more. If you want to keep your home, then you may file a Chapter 13 bankruptcy at any time before the sheriff sale and you will be able to keep the home as long as you make the Chapter 13 payments.
Can filing Chapter 13 bankruptcy stop my foreclosure?
If you file Chapter 13 bankruptcy before the judge confirms the foreclosure sale, you should be able to protect your real estate. It is strongly recommended, however, that you not wait until the last minute. I suggest that you always file your bankruptcy months before the confirmation date.
Under Chapter 13 you are allowed three to five years to re-pay the arrearage on your mortgage. The arrears are paid through a debt-repayment plan approved by the bankruptcy court. While you are paying the arrears, you are still required to make your monthly mortgage payments in a timely manner. In some cases, you can modify your mortgage through Chapter 13.
When you modify, the arrearages are added to the back of the mortgage loan and – in some cases – they may be waived. In most cases, modification results in a reduction in the amount you must pay your mortgage company each month.
WE WILL HELP YOU UNDERSTAND THE FORECLOSURE PROCESS IN INDIANA
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