Yes, you can avoid foreclosure by selling your house and paying off your mortgage. If you sell your house before it goes to auction, you can stop the foreclosure process, get out of the mortgage, and save your credit. The fastest way to sell your house is a cash home sale. You can close on your property with a house-buying company in Indiana in as little as seven days.
Keep in mind that lenders do not like repossessing houses. They want to avoid foreclosure as much as you do. So, the lender will practice greater flexibility if they know you are selling the house to pay the mortgage balance. However, you have to sell your house and close quickly to avoid any delay in the foreclosure process. It is why a cash home sale is your best option.
What is the Foreclosure Process in Indiana?
The foreclosure process in Indiana is a legal process that allows a lender to take possession of a property from a borrower who has defaulted on their mortgage. The process is governed by state laws and can vary depending on the specific circumstances of the case. The foreclosure process in Indiana is as follows:
- Notice of Default: The lender will first send a notice of default to the borrower, informing them that they have missed one or more mortgage payments and that they have a certain amount of time to catch up on their payments or risk foreclosure.
- Right to Cure: Borrowers in Indiana have the right to cure their default before the foreclosure process can proceed. This means that they have a certain amount of time to bring their mortgage payments current and avoid foreclosure.
- Complaint for Foreclosure: If the borrower does not cure the default, the lender will file a complaint for foreclosure with the court. This complaint will include information about the mortgage, the default, and the lender's request for the court to order the sale of the property.
- Summons and Service: The court will then issue a summons, which is a legal document that informs the borrower of the foreclosure action and gives them a certain amount of time to respond. The summons will be served on the borrower, typically by the sheriff's department.
- Answer and Motion to Dismiss: The borrower has the option to file an answer or motion to dismiss the foreclosure action if they believe it was filed incorrectly or if they have a valid defense.
- Foreclosure Sale: If the foreclosure action is not dismissed, the court will order the sale of the property to pay off the outstanding mortgage debt. This sale is typically conducted by the sheriff's department and is usually an auction open to the public.
Is There a Foreclosure Redemption Period in Indiana?
Yes, there is a foreclosure redemption period in Indiana. A redemption period is a period of time after a foreclosure sale during which the borrower has the right to redeem the property by paying the outstanding mortgage debt and any other related costs. The redemption period in Indiana is generally 90 days after the date of the foreclosure sale.
During the redemption period, the borrower can pay the outstanding mortgage debt plus costs and expenses, and regain possession of the property. If the borrower does not redeem the property during the redemption period, the new owner of the property will take possession, and the borrower will lose all rights to the property.
It is important to note that the redemption period may be extended or waived in certain circumstances, such as if the property is owner-occupied, or if the borrower is a servicemember on active duty. It is always a good idea to seek legal advice if you are facing foreclosure, as there may be options available to help you avoid or delay the process, or to understand your rights during the redemption period.
How Does a Cash Home Sale Prevent Foreclosure?
A cash home sale can help prevent foreclosure by providing a way for homeowners to quickly sell their property and pay off their outstanding mortgage debt. The process of a cash home sale typically involves a cash home buyer making an offer to purchase the property for cash, with the sale closing in a relatively short period of time, sometimes within a matter of days.
- A cash home sale can close quickly, allowing homeowners to pay off their mortgage debt and avoid a foreclosure sale.
- Since no real estate agent is needed, the process is relatively simple and straightforward, with minimal paperwork and no contingencies.
- Cash home buyers are typically willing to purchase properties in "as-is" condition, which means homeowners do not have to make costly repairs or upgrades before selling.
- If the homeowner is facing foreclosure, a cash home sale can provide a way to avoid it.
- It can be time-consuming and stressful to go through the traditional home sale process, with open houses, showings, and waiting for a buyer to be approved for a mortgage
Sell My House to Avoid Foreclosure in Indiana
If your house is on the brink of foreclosure and you need to sell it fast, contact HouseMart. We buy houses as-is in Northern Indiana. We can appraise your property and make a cash offer within 24 hours. Call 219-230-9735 to get a fast cash offer.