The Process of Home Foreclosures in Indiana

Jul 17, 2008 | Filed under: Repo Houses

If you are looking to purchase and Indiana Repo House, you need to begin by gathering listings of homes in Indiana that are owned by banks. In your search for an Indiana repo house, and when you find an up-to-date listing of the bank repossessions, you need to find out what rules apply when investing in an Indiana repo house. Purchasing an Indiana repo house requires some research into the Indiana repo house itself and the surrounding area. An Indiana repo house could be your new investment property or even in your new home.

An Indiana Repo Home can be a way to get property without spending a lot of money. An Indiana repo house and repossessed homes by the government can be found on real estate lists. You should read these lists carefully to find out if you have the finances to invest in an Indiana repo house. An Indiana repo house can be very profitable.

When considering an Indiana repo house, it is important to know a little bit about the process of foreclosure in the state. A foreclosure process starts when a complaint is filed. If you’re interested in a Indiana repo house know that a complaint against a home owner cannot be filed and the cannot be considered a default unless the terms of the mortgage agreement were violated. You may not be able to purchase and Indiana repo house right away, because several weeks and possibly several months can go by from the time the loan initially defaults and the decision is made to file a foreclosure suit.

When an Indiana repo house is foreclosed on, the foreclosure process and the length of time it takes to complete the process. The terms of the foreclosure depend on what extent the homeowner decides to contest the foreclosure. An uncontested foreclosure of an Indiana repo house can take almost 6 months to complete the process. If a homeowner does not contest the foreclosure, the foreclosure process moves rather swiftly. If the foreclosure of an Indiana repo house is contested the process could take up to nine months complete.

In an uncontested foreclosure of an Indiana repo house, the process begins with the filing of the complaint. After that the homeowner will be served. This service happens within 10 days unless the service is put into a publication. The lender can then apply for a default judgment. A lender can do this within 24 days after the initial service. After 30 days have passed a default judgment entered in the foreclosure process begins. An Indiana repo home cannot bur put up for sheriff’s sale for at least three months after the original complaint has been filed. When the Sheriff sale occurs, it usually happens within ninety days depending on the County.

In a contested foreclosure of an Indiana repo home, a complaint is filed, and the homeowner is served within 10 days, unless the foreclosure is put in a publication. An attorney for the home owner can make a motion for a 30 day extension so that their home owner has time to respond to the complaint. These motions are usually filed about 23 days after the home owner is served. And 30 days an answer to the complaint needs to be filed. After that, the homeowner and the lender complete the process through the courts.

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