Indiana Foreclosures and Foreclosed Homes for Sale

Indiana is a state which relies solely on judicial foreclosures. A lawsuit must be filed in court by the lender in order to start the proceedings. How long the process takes is dependent on the age of the mortgage. Newer mortgages generally have three months between the lawsuit filing date and the auction date. With older mortgages, however, it is not uncommon to see a longer waiting period, such as six to 12 months.

After this length of time, known as the pre-foreclosure period, the sheriff will receive an order of sale from the county clerk's office which will allow the foreclosure sale. An independent auctioneer is appointed to preside over the auction, and a notice of sale is drawn up. Searching for these notices can give you a great idea of the upcoming foreclosure auctions in your area.

Indiana law requires the notice of sale to be published in a local newspaper once a week for three weeks. The first date of publication must be 30 days before the sale, which doesn't give prospective buyers a lot of time. If you're thinking about purchasing a foreclosure, you must be ready to bid, even at the last minute. In addition, the notice of sale will be posted in three public places and the county courthouse.

On the day of the auction, ownership will be transferred immediately to the winning bidder, and all payments must be made at this time. While the original borrower has many opportunities to stop the foreclosure process prior to the auction date, once the home has been sold, they have no right to redemption under Indiana law.

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