{"id":1324,"date":"2021-04-09T00:00:00","date_gmt":"2021-04-09T05:00:00","guid":{"rendered":"https:\/\/chrisbuyshomesstlseller8.carrot.com\/?p=1324"},"modified":"2021-04-09T00:00:00","modified_gmt":"2021-04-09T05:00:00","slug":"understanding-the-foreclosure-process-in-customer-market_state","status":"publish","type":"post","link":"https:\/\/www.chrisbuyshomesindy.com\/blog\/understanding-the-foreclosure-process-in-customer-market_state\/","title":{"rendered":"Understanding the Foreclosure Process in IN"},"content":{"rendered":"<p><strong>Understanding the foreclosure process in IN<\/strong> is an important part of navigating your own home foreclosure.<\/p>\n<p>Before we dive in&#8230;<\/p>\n<h2>Understanding the Foreclosure Process in IN<\/h2>\n<h3>What is foreclosure anyway?<\/h3>\n<p><span style=\"text-decoration: underline\">Foreclosure<\/span> is the legal process that lenders use to take back property securing a\u00a0loan, generally after the borrower stops making payments.<\/p>\n<p>Foreclosure is no fun. \u00a0But just know that it&#8217;s not the end of the world.<\/p>\n<p>When you know how foreclosure in IN works&#8230; it arms you with the knowledge to make sure you navigate it well and come out the other end as well as possible.<\/p>\n<h3>The Basic Stages of A Foreclosure<\/h3>\n<p>There are a few stages that are important to any foreclosure process.<\/p>\n<p>Foreclosure works differently in different states around the country.<\/p>\n<p>The two ways different states use to foreclose upon a\u00a0property are: <strong>judicial sale<\/strong> or <strong>power of sale.<\/strong><\/p>\n<p><strong>Connect with us by calling (317) 526-4712<\/strong> or through our <a href=\"\/contact-us\/\" target=\"_blank\" rel=\"noopener noreferrer\">contact page<\/a> to have us walk you through the specific foreclosure process here locally in [market_city IN.<\/p>\n<p>In either scenario, foreclosure typically doesn\u2019t go to court until 3-6 months of\u00a0missed payments have elapsed. Usually (but not always), a lender will send out\u00a0many notices that you are in arrears \u2013 overdue or behind in your payment.<\/p>\n<h3><strong>Under Judicial Foreclosure:<\/strong><\/h3>\n<ul>\n<li>Your mortgage lender must file suit in the court system.<\/li>\n<li>You\u2019ll get a letter from the court demanding payment.<\/li>\n<li>Assuming the loan is valid, you\u2019ll have 30 days to bring payment to court to\u00a0avoid foreclosure (and sometimes that can be extended).<\/li>\n<li>If you don\u2019t pay during the payment period, a judgment will be entered and\u00a0the lender can request the sale of your property \u2013 usually through an auction.<\/li>\n<li>Once the property is sold, the sheriff serves an eviction notice and forces you\u00a0to immediately vacate the property.<\/li>\n<\/ul>\n<h3><strong>Under Power of Sale (or Non-Judicial Foreclosure):<\/strong><\/h3>\n<ul>\n<li>The mortgage lender serves you with papers demanding payment, and the\u00a0courts are not required \u2013 although the process may be subject to judicial\u00a0review.<\/li>\n<li>After the established waiting period has elapsed, a deed of trust is drawn up\u00a0and control of your property is transferred to a trustee.<\/li>\n<li>The trustee can then sell your property to the lender at a public auction\u00a0(notice must be given).<\/li>\n<\/ul>\n<p>Anyone who has an interest in the property must be notified during either type of\u00a0foreclosure.<\/p>\n<p>For example, any contractors or banks with liens against a foreclosed\u00a0property are entitled to collect from the proceedings of an auction.<\/p>\n<h3>What Happens After A\u00a0Foreclosure Auction?<\/h3>\n<p>After a foreclosure is complete, the loan amount is paid off with the sale proceeds.<\/p>\n<p>Sometimes, if the sale of the property at auction isn\u2019t enough to pay off the loan,\u00a0a <strong><em>deficiency judgment<\/em> <\/strong>can be issued against the borrower.<\/p>\n<p>A deficiency judgment is where the bank gets a judgment against you, the borrower, for the remaining funds owed to the bank on the loan amount after the foreclosure sale.<\/p>\n<p>Some states limit the\u00a0amount owed in a deficiency judgment to the fair value of the property at the time\u00a0of sale, while other states will allow the full loan amount to be assessed against the\u00a0borrower.<\/p>\n<p>Here&#8217;s a great resource that lists the <a href=\"http:\/\/www.nolo.com\/legal-encyclopedia\/after-the-foreclosure-deficiency-judgments-taxes\" target=\"_blank\" rel=\"noopener noreferrer\">state by state deficiency judgment laws,<\/a> since every state is different.<\/p>\n<p>Generally, it\u2019s best to avoid a foreclosure auction. Instead, call up the bank, or work with a reputable real estate firm like us at Chris Buys Homes in Indianapolis to help you negotiate\u00a0discounts off the amount owed to avoid having to carry out a foreclosure.<\/p>\n<p>Experienced investors can help you by negotiating directly with banks to lower the\u00a0amount you owe in a sale \u2013 or even eliminate it, even if your home is worth less than\u00a0you owe.<\/p>\n<p>If you need to sell a property near Indianapolis, we can help you.<\/p>\n<p><a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">We buy houses in Indianapolis<\/a> IN\u00a0like yours from people who need to sell fast.<\/p>\n<h3 style=\"text-align: center\"><strong>Give us a call anytime (317) 526-4712 or<br \/>\n<a href=\"\/\" target=\"_blank\" rel=\"noopener noreferrer\">fill out the form\u00a0on this website today! &gt;&gt;<\/a><\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p><strong>Another Foreclosure Resource For Indianapolis IN HomeOwners:<\/strong><\/p>\n<ul>\n<li><a href=\"http:\/\/portal.hud.gov\/hudportal\/HUD?src=\/topics\/avoiding_foreclosure\" target=\"_blank\" rel=\"noopener noreferrer\">Resources On Avoiding Foreclosure from the U.S. Government &gt;&gt;<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Understanding the foreclosure process in IN is an important part of navigating your own home foreclosure. Before we dive in&#8230; Understanding the Foreclosure Process in IN What is foreclosure anyway? Foreclosure is the legal process that lenders use to take back property securing a\u00a0loan, generally after the borrower stops making payments. Foreclosure is no fun. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[16],"tags":[25,47,53,77],"class_list":["post-1324","post","type-post","status-publish","format-standard","hentry","category-sellers","tag-avoid-foreclosure","tag-foreclosure","tag-foreclosure-process","tag-local-foreclosure-process"],"_links":{"self":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/posts\/1324","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/comments?post=1324"}],"version-history":[{"count":0,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/posts\/1324\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/media?parent=1324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/categories?post=1324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.chrisbuyshomesindy.com\/wp-json\/wp\/v2\/tags?post=1324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}