What Happens After Foreclosure in Indiana?

After foreclosure, Indiana property owners usually lose their homes.

If a property owner falls behind on payments, a loan holder can start the foreclosure process. After the foreclosure process starts in Indiana, a property owner can expect a series of events.

Foreclosure

The loan holder gives the property owner notice by sending letters requesting payment. If payment is still not received, the loan holder files for foreclosure in Indiana courts. The case is heard, and if the courts find against the Indiana property owner, the foreclosure process proceeds.

Eviction

Notice of the foreclosure is printed in a local paper, and the house is sold. Property owners are evicted. Even after foreclosure and eviction, the remainder of the loan amount is stilled owed.

Redemption

Before a court rules on the foreclosure, a property owner can catch up on payments and fees to stop foreclosure. If the court rules and the foreclosure process continues, a property owner can keep the property through redemption. To be eligible for a redemption in Indiana, the property owner must pay the court fees, lender fees and loan in full.

References

• Indiana Justice: Foreclosure