Indiana Foreclosure Law

Indiana Foreclosure Laws

Indiana foreclosure laws do not allow for a non-judicial foreclosure but do allow for a judicial foreclosure.  However, in order to obtain a judicial foreclosure the lender must sue the borrower in court and obtain an Order to Foreclose. 

Once an Order to Foreclose has been obtained the lender is required to wait a minimum of three months, sometimes as long as 12 months, depending on the date of the mortgage before proceeding to the sale.  The borrower may waive the time limit; however, if the time limit is waived the lender is not allowed to sue for a deficiency judgment.  The borrower is allowed to live on the premises rent-free after the Order to Foreclose is obtained until the property is sold at auction unless the property is being damaged.

According to Indiana foreclosure law, notice of the sale is required to be published at least once a week for a minimum of three consecutive weeks in the local public newspaper.  The first publication is required to be no later than 30 days prior to the sale date.  A copy of the notice must also be served on the borrowers and, in addition, it must be posted in three public places in the town where the property is located.

The sale itself is conducted by a sheriff in the county in Indiana where the home is located and must be held between 10a.m. and 4p.m. on the date that is set forth in the Notice of Sale.  At the conclusion, the high bidder receives a deed to the property and the sale is concluded.

For more information on Indiana foreclosure laws click here.

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