Understanding Foreclosure Laws in Indiana
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Understanding Foreclosure Laws in Indiana

Understanding Foreclosure Laws in Indiana
February 02, 2021

Financial hardship is an issue that many Americans struggle with for a variety of reasons. Some people find themselves suddenly out of work and unable to pay their expenses. Others might run into serious medical issues that prevent them from earning a living wage. Regardless of the reason, when you are in this situation, it can seem impossible to navigate through, and many people fall behind on their mortgage payments and default. One of the important topics our Indiana foreclosure attorney often discusses with our clients relates to understanding the foreclosure laws in Indiana.

How Does Foreclosure Work in Indiana?

If you are unable to make your mortgage payments in Indiana, your lender can file a lawsuit through the courts to begin the foreclosure process on your home. Although this sounds like an intimidating process to many people who are struggling financially, you do have rights. Here are some answers to frequently asked questions about the property foreclosures in Indiana: 

  • What happens if I miss a mortgage payment? Typically, mortgage loans offer a ten to 15 day grace period on payments. If you are past due or miss a mortgage payment, you will be charged a late fee on top of your standard payment. After this, your mortgage company will most likely begin to send letters and attempt to call you to collect payment. Within 45 days of non-payment, your service provider should reach out in writing and explain your options for foreclosure and loss mitigation. 
  • How will I know if my loan is in default? If your loan is in default, most Indiana mortgages include a provision that a lender must send you a breach letter notifying you that you have fallen behind in payments and that your loan is in default. 
  • How long do I have before the foreclosure process begins? Federal law typically requires that your lender waits until the loan is at least 120 days past due before beginning the official foreclosure process, but some exceptions may apply.
  • What are my foreclosure options? You may have several options available regarding the foreclosure, including negotiating a foreclosure settlement with your lender. Your attorney can help walk you through these options and determine which is best for your situation. 
  • When should I speak with a lawyer? If you are concerned that you are about to miss a payment on your mortgage or if you already have, it is advisable to speak with a knowledgeable foreclosure attorney right away to learn more about your options. 

Speak with an Experienced Indiana Foreclosure Attorney Right Away!

If you or someone that you know is facing financial hardship, call the knowledgeable team at the Whitten & Whitten. We are committed to helping our clients work to get back on track with their finances. Although it might seem challenging, you have options! Contact us today to schedule a free initial consultation to discuss the details of your specific scenario. Let us help you get back on the path to financial relief. 




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