Indianapolis Foreclosure Lawyers
Protecting Against Foreclosure in Greenwood & Muncie
All throughout the nation, home values have plummeted and countless individuals have lost their houses to foreclosure. Many Indiana homeowners owe more on their mortgage than what their property is actually worth. Owners who are many months behind on their mortgage and are facing foreclosure have been engaging in powerful debt relief solutions, such as bankruptcy.
Facing foreclosure? Don't wait! Contact Jackson & Oglesby Law online or call (888) 713-5148 for your free consultation with affordable foreclosure lawyers in Indianapolis. Additional locations available in Anderson, Muncie, and Greenwood.
How Can I Stop a Foreclosure in Indiana?
There are a few ways to stop foreclosure in Indiana. This includes:
- Loan modification
- Filing for bankruptcy
- Reinstating the loan
- Redeeming the property before the sale
If you are facing foreclosure in the next few days, your best option is to file for bankruptcy. Doing this will trigger an "automatic stay" which stops the lender from foreclosing on your home or collecting debt. If you choose to reinstate your loan, this means that you will be allowed to get caught up on your payments in default. To find out how much it costs to reinstate or pay off your loan, you need to contact your loan servicer. Keep in mind, there are also specific deadlines with this option. Feel free to reach out to our firm for guidance. Opting for redeeming your property before the sale means that you must pay off the full amount of the loan before the foreclosure sale.
It is important to evaluate all of your potential options if a mortgage lender has threatened foreclosure on your home. Counsel from Jackson & Oglesby Law LLC can be an invaluable source of information to help you understand what option to choose to prevent foreclosure. As you pursue bankruptcy, you can seek legal relief from an Indianapolis bankruptcy lawyer at our firm.
How Do We Foreclose Our Mortgage? Do We Need to File Suit?
Certainly. The state of Indiana requires judicial foreclosure of all mortgages, meaning that a lawsuit must be filed and a judgment obtained before real property can be sold at a sheriff's sale. Occasionally, instead of the sheriff, a private auctioneer can be hired to sell the property. However, the creditor must have a judgment and foreclosure decree before the sale can take place.
Foreclosure and Filing for Bankruptcy
Our lawyers know the technical aspects of the bankruptcy procedure and can assess your situation to determine the best available strategy. If you file under a Chapter 7, an automatic stay can be set in place to halt foreclosure proceedings at once. Your mortgage lender, however, has the right to have the trustee lift the automatic stay.
Chapter 13 may, therefore, be your best option as a homeowner in distress. Under this chapter, you can repay any past-due mortgage balances and can even have the second or subsequent mortgages removed. Our firm views your case as entirely different from all others. At Jackson & Oglesby Law LLC, we have the necessary skills to help clients throughout Indianapolis avoid foreclosure no matter what their unique circumstances are.
Prevention of foreclosure can take place through successful completion of Chapter 7 or Chapter 13. Bankruptcy, however, may not always be in your best interest. During a free evaluation, we can assess all of your available options and help you find the relief and foreclosure defense that you need.
Indiana Foreclosure Process
If you are behind on your mortgage payments, the foreclosure process may start for you soon. Below is a quick overview of the foreclosure process in Indiana so you have an understanding of what you are facing.
The foreclosure process in Indiana:
- Preforeclosure: When you are behind on payments and the foreclosure has not yet begun. During this time, the servicer may charge you late fees and more. They will also send you a breach letter as a notice of preforeclosure.
- Foreclosure: Starts when you are over 120 days past due on your payments. The lender will file a lawsuit asking the court to allow a foreclosure sale. You will also be notified and have the right to file an answer. If you don't respond, the court will allow the foreclosure sale to go through.
- Foreclosure Sale: The sheriff must post a notice regarding the sale at the courthouse for 3 weeks.
- Vacate the Property or Eviction: If the property is sold and you are unable to leave on time, you may be evicted.
Do Deeds in Lieu of Foreclosure Carry Any Risks?
Junior liens on real estate will not be extinguished by a Deed in Lieu of Foreclosure. In other words, if junior liens exist on the property, the lender will still have to go through the foreclosure process to extinguish these liens. Furthermore, the Deed must contain "anti-merger language" to prevent the lender's mortgage from merging with the lender's ownership of the property, advancing junior liens ahead of the lender's mortgage.
To determine whether the Deed in Lieu is a complete satisfaction of the debt or if a deficiency balance should exist after the transaction, the lender will request an appraisal of the real estate. When it comes to residential property, accepting a Deed in Lieu is deemed sufficient to satisfy the debt, unless a separate agreement for deficiency is signed.
Jackson & Oglesby Law Is Here to Help You Along the Way
We offer our clients a free bankruptcy evaluation as part of our commitment to responsive customer service. During the assessment, the debtor will be asked a number of questions and will be able to describe their financial situation. By filing for bankruptcy, our attorneys can find out the specific goals a client hopes to achieve. With this information, together with our more than 30 years of combined experience, we can develop a plan of action and assist them in determining which chapter of bankruptcy to file under in order to obtain the best debt relief result. We offer competitive fees and payment plans, flexible hours, and evening hours of service.
Related Reading About Foreclosure
- Bankruptcy FAQ
- Can I Prevent Foreclosure by Filing for Bankruptcy?
- Will I Lose All of My Property During Bankruptcy?
Our affordable Indianapolis foreclosure attorneys offer the legal counsel your case requires, so contact Jackson & Oglesby Law LLC today!