Indianapolis Foreclosure Laws & Lawyers

In January, 2009, Indianapolis foreclosures were at their lowest rate in 9 months.  Soon after, Indianapolis was given yet another nod from the National Association of Home Builders as the most affordable city in America.

However, despite being the most affordable, by the end of March 2009, the foreclosure rate rose 17 percent and the trend was growing.  With over 12,000 total foreclosures in Indianapolis, homeowners are still struggling to make their affordable payments and keep their homes out of foreclosure.

Indianapolis Foreclosure Laws

Indianapolis foreclosure laws are set by the state of Indiana and enforced by the courts.  Indianapolis foreclosures are judicial only, meaning no trustee is used to facilitate a foreclosure sale as happens in many other states.  The mortgage document is the primary security deed for property. 

Below is a summary of Indianapolis foreclosures laws that all homeowners should be aware of:

Indianapolis Foreclosure Process

When an Indianapolis homeowner defaults on their mortgage, the lender begins the foreclosure process by filing a complaint with the county court.  Once the lawsuit is filed, the homeowner must be notified of the complaint and has a period of time in which to respond.  If there is no response from the borrower, a judgment is entered and the foreclosure process toward auction and sale begins.

The final date of the auction and sale of the property depends upon how long the borrower signed the mortgage on the property.  The wait may be anywhere from three months to 12 months before the actual foreclosure sale, during which time the borrower may remain in the home.

• If you may be facing foreclosure or already in the process, Consult Your Case for Free with a local certified
  
  Foreclosure Attorney in Indianapolis to see your best options you have available to avoid Foreclosure.