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 FORECLOSURE DEFENSE NEWS AND INFORMATION - Indiana

 

Foreclosure defense forms must be drafted to comply with the laws of your State. Standardized forms for all States are generally not acceptable. We provide attorneys and you with the state-specific forms that are correct and valid. Free Previews available. All forms are available in Word format.





FREQUENTLY ASKED QUESTIONS REGARDING INDIANA MORTGAGE FORECLOSURE LAW

2009-04-16






FREQUENTLY ASKED QUESTIONS REGARDING INDIANA MORTGAGE FORECLOSURE LAW:


  • Which Court Handles Mortgage Foreclosure Cases?
    Pursuant to IC 32-30-10-3, a mortgage foreclosure case is in the Circuit Court of the county where the property is located.

  • Is there a Specific Provision in the Indiana Code Which Describes How a Foreclosure Sale Must be Conducted?
    Yes. IC 32-30-10-9, provides as follows:

    (a) A sheriff shall sell property on foreclosure in a manner that is reasonably likely to bring the highest net proceeds from the sale after deducting the expenses of the offer and sale.

    (b) Upon prior petition of the debtor or a creditor involved in the foreclosure proceedings, the court in its order of foreclosure shall order the property sold by the sheriff through the services of the auctioneer requested by the petitioner and approved by the court if:

    (1) the court determines that a sale is economically feasible; or

    (2) all the creditors in the proceedings agree to both that method of sale and the compensation to be paid the auctioneer.

    (c) The sheriff shall engage the auctioneer not later than fourteen (14) calendar days after the date of the order entered by the court under subsection (b). The auctioneer shall schedule the auction and conduct the auctioneer's activities as appropriate to bring the highest bid for the property on foreclosure. The advertising conducted by the auctioneer is in addition to any other notice required by law.

    (d) The auctioneer's fee must be a reasonable amount stated in the court's order. However, if the sale by use of an auctioneer has not been agreed to by the creditors in the proceedings and the sale price is less than the amount of the judgment and the costs and expenses necessary to the satisfaction of the judgment, the auctioneer is entitled only to the auctioneer's advertising expenses plus one hundred dollars ($100). The amount due to the auctioneer on account of the auctioneer's expenses and fee, if any, must be paid as a cost of the sale from the proceeds before the payment of any other payment.

  • What Happens if a Property Is Sold for More than the Amount Owed to the Lender?
    Pursuant to IC 32-30-10-14, the surplus must be paid to the clerk of the court, to be transferred, upon the court's direction, to the mortgage debtor.

  • Is it Possible to Stop the Foreclosure Process.
    Yes. By filing an Answer to the Lender's foreclosure complaint, a homeowner is entitled raise any defenses available under the law and facts. Increasingly, homeowners find that lenders are unable to produce basic mortgage documents required for the court to enter a judgment of foreclosure. In addition, lenders often make errors in calculating the amounts allegedly owed under a mortgage.
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