IN Foreclosure - Time left before moving out?

[wingnut]

Hello,

About a year ago I began experiencing financial problems. Long story short, I stopped paying my mortgage as of the November payment.

I live in Indiana.

About a week ago (13th) I received a foreclosure notice stating that if I didn't respond to the summons within 20 days, a judgement would be granted for the plaintiff (mortgage investor) and proceedings would begin.

I understand that the preforeclosure period here is 90 days. However, here are my ???s:

Does the 90 day clock begin when the motion was recorded (Mar 1st),
date of summons served (13th),
or date of inevitable judgement (~April 2nd)?

My guess is the 2nd.

Also, does the sale occur approximately 30 days AFTER the preforeclosure period, or does the 30 day sale notice begin 60 days after the beginning of the foreclosure process?

FINALLY, I'd like to know when I am obligated to move out. Is it immediately after the foreclosure sale? I do not want to get an eviction added to my tattered credit if I don't have to. And what if the house doesn't sell right away, can I stay until it does??

Although I have other ???s and details, I'm at the library right now and didn't bring everything with me.

THANK YOU VERY MUCH,

Wingnut

[Minnymouth]

Wingnut,

Did you file BANKRUPTCY????? If not - why not???

All of the questions you are asking depends on the statues of your state and the laws governing foreclosures.

Some states allow you 30 days and some tell you that you can stay till after the home is auctioned off......... foreclosure usually follow with an auction.....

Did you not want to keep your home???? By filing BK you could have kept it more than likely.......

Tell us more about your situation.....

[wingnut]

More about my situation:

According to appraisals from realtors, I'm basically upside down in my mortgage.

Eventually I might declare BK. However, if my deficiency isn't that much or I can pull of a short sale, it might be better off for me to pay down the difference instead of dealing with a BK, in addition to foreclosure (or hopefully short sale).

Since I cannot currently afford the mortgage, I need to move either way. I suppose I could give up the home as part of the BK, but as I mentioned earlier if I can avoid BK I will. I would just like to know how much time I have before I have to leave, if the foreclosure occurs. I realize that the pre-F period is 90 days. I'd just like to know when that period begins, and when the sale occurs in relation to that.

The way I interpret it, the pre-F period begins once the judgement is decided in favor of the plaintiff. Then, after the 90 day period ends, ads for the F-auction go up in the courthouse / etc. for at least 30 days. Then the auction occurs. That leaves me about:
20 days to respond to summons
90 days in pre-F
30 days in pre-F auction
??? days after auction
= at least about 140 days after receiving foreclosure summons.

Do you folks agree?

Any input will be greatly appreciated.

Thanks,

Wingnut

[lrprn]

Here's a summary of the state foreclosure laws for Indiana - http://www.foreclosures.com/www/page...2.asp?state=IN

Judicial Foreclosure - Yes
Non-Judicial Foreclosure - No
Security Instruments - Mortgage
Right of Redemption - Yes
Deficiency Judgments - Yes
Time Frame - Usually 150 days

Judicial foreclosure:

The lender sues the borrower to obtain and order to foreclose. Depending on the original date of execution of the mortgage, the lender must wait for three to twelve months before proceeding with the foreclosure. The owner may waive the time limit, but if time is waived, the lender loses any right to sue for a deficiency judgment.

The court issues a notice of sale to be published weekly by the sheriff for three consecutive weeks in a newspaper of general circulation, with the first publication date 30 days prior to the date of sale. The notice must also be served upon the owner and posted in three conspicuous places in the township in which the property is located.

The sale is held by the sheriff as a public auction between the hours of 10:00 AM and 4:00 PM on the date specified in the notice. The successful bidder receives a deed to the property

Hope this helps!

[wingnut]

Thanks, but some interpretation would be nice

lrprn,

Thanks, that looks like the site that I was going by.

However, I'd still like to know when these various time frames begin.

Specifically:

Does the 90 day preforeclosure period begin after the judgement is awarded to the plaintiff? (20 days after summons?). Or, does it begin the date the foreclosure is filed?

Does the auction occur 30 days after the preforeclosure period, or do the ads begin 60 days into the pre-F period basically?

However, the 150 day timeframe seems right:

Mar 1 = filed
Mar 13 = summons served
Apr 2 = last day to respond, before judgement / etc.
? ~ July 2 = end of pre-F period. Beginning of 30 days notice for sale (?).
~ Aug 1st = date of sale.

Since that's 5 months (~150 days), this timeline SEEMS right.

I've been trying to obtain a local attourney for for foreclosure consultation, but all I have found so far are law offices who "handle bankruptcy, not foreclosure".

Thanks for the input. I'll just feel better once this is confirmed with a lawyer (to avoid surprises!).

Thanks,

Wingnut