Foreclosure

I often hear people say, “my house is going to foreclosure”.

 Foreclosure is a process, not an event.  When you are unable to make your loan payments, usually after 3 or more missed payments, the lender will hire a local law firm to file a Foreclosure Law Suit against the owner (more accurately the Borrower).

The foreclosure process takes at least 6 months ending with a foreclosure judgment if you don’t do something like a loan modification, short sale or deed in lieu of foreclosure.

If you are looking to buy or sell a home in Indianapolis - please visit us at http://indyhouses.net/

Home Ownership

Most people don’t realize this but when you get a loan to purchase a home in Indiana you actually get the deed to your home after the closing.

Once it is recorded at the county court house, it is mailed to you 30-60 days later unlike financing a car where the bank holds the vehicle title until the loan is paid off.

This is also why a bank can repossess a vehicle but have to file a foreclosure law suit to get possession of the home.

If you live in Indianapolis Indiana and are looking to buy or sell a home please call Fred Krawczyk and Associates at 317-294-4425. If you are facing foreclosure, we can help.