South Bend Foreclosure Lawyers
The Foreclosure Process in Indiana
In South Bend, 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 usually 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 usually 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.
In all states in the U.S., including Indiana, borrowers have the option of foreclosure by judicial sale. This permits a court to oversee the sale of the property by the bank. The purpose of this is to get the house to sell for the highest price possible. While this might seem like something that would only benefit the bank, it is also a great benefit to the borrower, since it increases the likelihood that the sale will encompass the full balance of the mortgage, preventing them from having to pay it.
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 South Bend, Indiana
First and foremost, you need to communicate with your lender, and not dismiss the issue. Ignoring a problem with your mortgage will not make it go away, and can only make things worse. You should be honest with your lender, and stay in touch with them as much as possible.
You must keep in mind that banks are in the business of lending funds, not flipping property: the bank doesn't really want your house. To that end, they'll occasionally go to great lengths to accommodate your financial situation, whatever it may be. For banks, foreclosure is a last resort.
Because banks don't specifically enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. Nonetheless, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.
As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the funds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Indiana, the remaining debt is discharged.
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Can a South Bend, Indiana real estate attorney help?
If you are facing foreclosure in South Bend, Indiana, and want to do everything practicable to save your house, the assistance of a reputable real estate lawyer might prove invaluable.
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Foreclosure Attorneys in the Largest IN Cities
Life in South BendSouth Bend, Indiana is the county seat of St. Joseph County. It has a population of about 101,000 residents and known for being the cultural and economic hub for the "Michiana" region. South Bend's economy consists largely of health care, education, and small business. Many South Bend residents work at the nearby University of Notre Dame.
In addition, South Bend, Indiana is home to many large corporations. These include Honeywell, Crowe Horwath, and AM General. Schurz Communications and Martin's Supermarkets are headquartered in South Bend. Part of South Bend's economic success can be attributed to the city's efforts at improving its telecommunications infrastructure.
The culture of South Bend, Indiana is a unique blend of traditional cultures mixed with modern-day celebrations. Currently, Fat Tuesday and Dyngus Day are still celebrated annually. In particular, the city was infused with many Polish traditions during its early days in the 19th century. The city also hosts a number of large events including the World Pulse Festival and the South Bend Reggae Festival. Popular tourist attractions in South Bend Indiana include the South Bend Museum of Art and the Center for History.
South Bend lawyers offer legal assistance and services in a broad range of fields. Lawyers in South Bend, Indiana often represent their clients at the branch of St. Joseph County Courthouse that operates in the city. A South Bend attorney can represent you if you have questions or issues regarding the city's laws and ordinances.