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RealEstateAnswer
RealEstateAnswer, Lawyer
Category: Real Estate Law
Satisfied Customers: 24513
Experience:  10+ years in handling Leases, Landlord-Tenant, Foreclosures,Mortgages, and Eviction cases
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My father died last year, and I've been able to pay the mortgage

Customer Question

My father died last year, and I've been able to pay the mortgage until May of this year. How many months until they begin the foreclosure process? I live in Indiana, which I believe is a judicial state, meaning the bank has to go through the court process to foreclose. Is this the case when someone dies? I am not on the mortgage.
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  RealEstateAnswer replied 1 year ago.
Hi! I will be the professional that will be helping you today. I look forward to providing you with information to help solve your problem.
Good afternoon. I certainly understand the situation and your concern and the whole process, once you stop paying could take up to or over a year, if this is contested. I say this because there are two major phases to the foreclosure process:
Pre-Foreclosure
You miss several mortgage payments and the bank sends you late notices. If you don’t respond, they try to contact you and resolve the situation. Then,
the bank/mortgage company demands that the mortgage be paid in full, including back interest, late fees and legal fees. If you still do not make payments acceptable to the lender, they file formal proceedings.
Formal Foreclosure
You receive a formal foreclosure notice.
The lender files a foreclosure action in court.
The court holds a hearing and issues a foreclosure order, which gives the bank the legal right to sell the home. [Note: If you do not file an Answer in the foreclosure case, you will lose by a default judgment and the court will not even schedule a hearing. It is very important to file an Answer in the foreclosure case].
Your notice and waiting periods expire. (Generally, the lender has to wait 3 months after filing the foreclosure before being able to sell the property. The lender has to wait a little longer for mortgages before 1975).
Legal notice of the foreclosure sale is published in local papers.
The house is sold to the highest bidder or the bank takes possession of the house.
You are evicted from the house, and notified of any debt still outstanding after the sale.
They can still foreclose and will do so against the Estate.
Expert:  RealEstateAnswer replied 1 year ago.
I just wanted to follow up and see if you had any other questions or needed me to clarify something. I am here to help, so please let me know. Thanks!