Columbus Foreclosure Lawyers

Find the right Foreclosure attorney in Columbus, IN

Foreclosure Law in Indiana

In Columbus, Indiana, foreclosure is a process through which a lender that issued a mortgage loan retakes possession of the property that was bought with the mortgage in the event that the borrower has defaulted on his or her payments.

A foreclosure normally involves a forced sale of the house at auction, so the bank can recover at least some of the loss it has incurred as a result of the default. Banks normally want to rid themselves of the property as soon as possible, collect as much money as they can from the sale, and then move on.

Like every other state in the U.S., Indiana authorizes homeowners facing foreclosure to opt for a foreclosure by judicial sale. This is a procedure through which a court oversees the sale of the house by the lender. The purpose is to see that the lender takes reasonable steps to notify the public of the auction, and other steps to ensure that the house sells for the highest price possible. This is meant to protect the borrower, making it less likely that they'll have to pay a large deficiency judgment (the remaining amount due on the mortgage if the house sells for less than the remaining balance).

Some states treat mortgages as "non-recourse loans." A non-recourse loan is one that is secured by the borrower's property, but for which the borrower is not personally liable. Essentially, this means that a lender in a foreclosure can take the house that was mortgaged, but nothing else. If the house sells for less than the lender is owed, it cannot go after the borrower.

How to Possibly Avoid Foreclosure in Columbus, Indiana

Communication between you and your lender is perhaps the most significant way to prevent foreclosure. Ignoring the issue is guaranteed to be counterproductive. Honesty is the best policy when it comes to dealing with lenders.

Bear in mind that banks aren't in the business of real estate speculation - they're in the business of lending money, and making profits through interest on their loans. In short, the bank doesn't really want your house - they'd much rather have you continue making your mortgage payments. For banks, foreclosing on a home is a last resort. Essentially, nobody likes foreclosures, and everyone wants to prevent them.

If you experience a sudden change in your financial situation, your lender, in an effort to keep you from defaulting, might be willing to accept lower monthly payments, at least temporarily.

Lastly, there is the "short sale." Normally considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good choice. In Indiana, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Columbus, Indiana real estate attorney help?

If you are facing foreclosure in Columbus, Indiana, and want to do everything practicable to save your house, the assistance of a seasoned real estate lawyer might prove invaluable.

Talk to a Real Estate Law Attorney now!

Life in Columbus

Columbus is located in Indiana's Bartholomew County. Specifically it is 40 miles from Indianapolis and on the east fork on the White River. Columbus is the twentieth largest city in Indiana. It is also ranked eleven on the U.S.'s safest cities to live in.

The largest employer in Columbus is Cummins, Inc. In fact, GQ Magazine included Columbus in its "62 Reasons to Love Your Country" article.

Some popular attractions include the Miller House, Otter Creek Golf Course, First Baptist Church, and the Large Arch sculpture by Henry Moore.

Famous residents include Stevie Brown, Lee H. Hamilton, Jeff Osterhage, Jill Tasker, Herbert Wright, and Bob Paris.

Columbus is also home to many attorneys and law firms that practice in any and every field of law.

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