Posted on: 25th Mar, 2011 07:55 pm
We are 45 days behind on our mortage. I have just sent in feb payment today...We now owe for march. The lender explained to me that since they could not see the payment as of yet on their system, We are subject to foreclsoure procedings..??? I asked if we are currently in foreclosure, she said no. does anyone know the foreclosure timeline for IND. thanks...p.s We also recived a acceleration notice and did not meet the deadline of march 18th .??? advice
Hi Guest,
Welcome to Mortgage fit,
Generally this time limit is from 3-12 months and it is up to the lender that he can file the case of foreclosure between this time frame....But
If lender reduces time limit and home does not get enough value, Indiana Foreclosure Law states that lender will not be able to collect remaining amount from the borrower....
Feel free to ask any further query if you have....
DIPA
Welcome to Mortgage fit,
Generally this time limit is from 3-12 months and it is up to the lender that he can file the case of foreclosure between this time frame....But
If lender reduces time limit and home does not get enough value, Indiana Foreclosure Law states that lender will not be able to collect remaining amount from the borrower....
Feel free to ask any further query if you have....
DIPA
Thanks for your response DIPA!!!!
Let me make sure I have this right.....they can not begin the paperwork for foreclosure until I'm 3 mos behind per my state laws right?.....So I just need to bring it current and I should be ok? I really appreicate your help...Thanks in advance.
Let me make sure I have this right.....they can not begin the paperwork for foreclosure until I'm 3 mos behind per my state laws right?.....So I just need to bring it current and I should be ok? I really appreicate your help...Thanks in advance.
Hi Rheebaby,
You got it right....you just need to be current and everything is fine......keep in touch...
DIPA
You got it right....you just need to be current and everything is fine......keep in touch...
DIPA