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Roger
Roger, Lawyer
Category: Real Estate Law
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We"ve lived in our house since 1987 and paid a mortgage,

Customer Question

We"ve lived in our house since 1987 and paid a mortgage, taxes, and insurance for 23 of those years but because of the economic crash, we defaulted on our payments 4 years ago. After our mortgage was handed off from one bank to another many times, a bank finally informed us it was foreclosing on our home Nov !8th. Since we are living here and maintained the home ever since we first defaulted, are we entitled to "squatter rights" or "adverse possession under Indiana law?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Roger replied 1 year ago.

Hi - my name is ***** ***** I'll be glad to assist.

Adverse possession requires possession for 10 years adverse to the ownership rights of the true owner......per Ind. Code Ann. §§ 32-23-1-1, 34-11-2-11....since you are the true owner, subject to the mortgage loan, you can't adversely possess or claim squatter's rights against yourself. Instead, the foreclosure would have to go through......then you would have to stay 10 years post-foreclosure without permission from the new owner/bank.

Expert:  Roger replied 1 year ago.

As for the statute of limitations - - or the time within which the lender can sue/foreclose - - the lender has 10 years from the maturity date to foreclose. Here's a link you can read: http://commercialforeclosureblog.typepad.com/indiana_commercial_forecl/2013/06/indiana-2013-legislation-part-iii-mortgage-statute-of-limitations-amended.html

Expert:  Roger replied 1 year ago.

So, you're not going to be able to avoid the foreclosure by claiming adverse possession or that the statute of limitations has expired (because it hasn't yet).

IF you would like to try and keep your property, the best option is to file chapter 13 bankruptcy and work out a repayment plan that modifies the mortgage payment to an amount you can afford monthly.

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