Foreclosures
We offer complete services for clients with mortgages, contracts, judgments or other liens against property. From demand to Sheriff’s sale and eviction if necessary, we can assist every step of the way. Whether the matter is a commercial or residential claim, no matter is too large or too small.
Frequently Asked Questions
Do we need to file suit to foreclose our mortgage?
Indiana requires a judicial foreclosure of a mortgage, meaning a judgment must be obtained before the real estate can be sold at a Sheriff’s sale.
Once we file suit, how quickly can we schedule the real estate for a Sheriff’s sale?
Even if a judgment is obtained immediately, a sale cannot be requested until at least 90 days have passed after the complaint is filed.
Are there other options available if the borrower simply wants to turn the real estate over to the lender?
If there are no other liens against the real estate other than your mortgage and property taxes, it is possible to take a deed in lieu of foreclosure. However, the title search needs to be studied carefully to determine if this is a good option.
Do we have to bid the full dollar amount of our judgment at the Sheriff’s sale?
No, the creditor can bid using less than the full amount of the judgment, leaving a deficiency balance to be collected from the borrower.
Does the creditor have to pay cash to bid at the Sheriff’s sale?
The costs of the sale, publication costs, and property taxes are paid with funds from the higher bidder at the sale. The foreclosing creditor may also use a credit bid from the amount of the judgment.
If the borrowers or tenants remain in possession of the foreclosed real estate, how can they be removed?
The county Sheriff’s assistance can be obtained in evicting those wrongfully in possession.
If real estate is sold on land contract, must the seller foreclose on the contract like a mortgage?
Usually, the seller files suit to foreclose like a mortgage lender. However, under certain limited circumstances, a real estate contract can be treated like a lease, deemed to have given rise to a forfeiture. We can assist in determining which is appropriate for you.
Can a judgment lien be foreclosed like a mortgage?
Yes. A judgment docketed in the county where the real estate is located can create a lien on the real estate owned by the judgment debtor in that county for up to ten (10) years, and possibly be renewed for another ten (10) years. Again, the title search report must be reviewed carefully to determine priority of the judgment lien, and the value of the real estate must be ascertained to determine if foreclosure is a viable option.