What are the foreclosure laws in Indiana?
The laws for foreclosure in Indiana can be confusing.
Summary:
| Judicial Foreclosure | Yes |
| Non-Judicial Foreclosure | No |
| Security Instruments | Mortgage |
| Right of Redemption | Yes |
| Deficiency Judgments | Yes |
| Time Frame | Usually 150 days |
Judicial foreclosure:
- The lender sues the borrower to obtain and order to foreclose. Depending on the original date of execution of the mortgage, the lender must wait for three to twelve months before proceeding with the foreclosure. The owner may waive the time limit, but if time is waived, the lender loses any right to sue for a deficiency judgment.
- The court issues a notice of sale to be published weekly by the sheriff for three consecutive weeks in a newspaper of general circulation, with the first publication date 30 days prior to the date of sale. The notice must also be served upon the owner and posted in three conspicuous places in the township in which the property is located.
- The sale is held by the sheriff as a public auction between the hours of 10:00 AM and 4:00 PM on the date specified in the notice. The successful bidder receives a deed to the property
