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Monday, February 2, 2009

Indiana foreclosure process

In Indiana, foreclosure properties are carried out through judicial procedures. The processing time for foreclosures in Indiana takes around 8-9 months.

Period of Pre-foreclosure

A foreclosure can take place only when a homeowner defaults on a loan payment. The process of foreclosure can be initiated by the lender by filing a complaint with regards to the default on payment by the borrower in the court. According to the foreclosure law in Indiana, a lender doesn’t have to send the borrower a notice of default before filing a complaint. The pre-foreclosure period is based on the date of issuance of the mortgage and the period of pre-foreclosure lies between the day when the complaint was filed and the day of the foreclosure sale.

Normally, the pre-foreclosure period is for three months but depending on when the mortgage was issued, it can vary between six and twelve months. According to the foreclosure laws in Indiana there is no pre-determined waiting period for properties that have been abandoned. The owner can dismiss the pre-foreclosure period, and allow the sale of the property but this means that the lender will lose their right of pursuing the debt if it is not recovered through the sale of the foreclosure.

Once the period of pre-foreclosure expires, the county clerk will issue a copy for the sales order and also issue a judgment to the county sheriff. Once the County Sheriff receives the order, he or she will go ahead and make arrangements for the sale of the foreclosure.

Under the Indiana foreclosure law, the borrower can redeem his or her property any time prior to the sale of the foreclosure by paying the amount due with interest and inclusive of other costs. In such a scenario the complaint will be dismissed.

Auction Notice

The county sheriff has to appoint an auctioneer who can conduct the sale of the foreclosed property. The sales notice according to the Indian foreclosure law will be published once every week for three consecutive weeks in any of the local newspapers. The first notice needs to be published at least 30 days before the foreclosure sale.

It is also the responsibility of the county sheriff to post a notice in a minimum of three places where the public can see it and also at the county courthouse.

The county sheriff has to also serve a sales notice to the borrower.

Once the sale of foreclosure is over, the county sheriff can transfer the ownership of the property to the bidder who has won.

There are times when a lender has to postpone the sale of the foreclosure. In such a scenario, the county sheriff well have to file a new request for the sale and the sales notice will have to follow the same procedures of publishing in a local newspaper and will have to be served again to the borrower.

Once the ownership of the property has been transferred, the borrower will have no rights whatsoever for redemption.

Tuesday, January 20, 2009

Indianapolis Foreclosures Still On the Rise!

Indianapolis foreclosures continue to spiral. Moreover, Hoosier State finds a spot in the Top 10 list for foreclosures in July. The State of Indiana continues to be in news for the wrong reasons. Indiana foreclosures have pushed the state among the worst hit in the country for foreclosures. This fact is based on RealtyTrac’s findings.

One in every 609 households filed for foreclosure in Indiana as compared to one filing per 693 for the nation as a while. The inability of people to pay their monthly loan installments for a long time leads to reclaiming of the property by the lender. But besides this, the real estate prices in Indianapolis haven’t soared as with other cities in America. Presently, there are around 1,302 residential properties available for sale through property brokers in counties such as Indianapolis, Vigo, Sullivan, Clay, Vermillion and Parke. Though this number is less than compared to some years ago, it can be safely concluded that the market is rather slow currently.

The increasing number of Indianapolis foreclosures is due to the tsunami like subprime wave that has swept America in its fury. Since subprime mortgages are given to people who has a bad credit history or hardly any credit and only little down payment money, the story only gets murkier. According to RealtyTrac estimates, subprime mortgages consisted of 50% of foreclosure properties from Jan to March 2007.

While Indianapolis recorded the highest foreclosure rate in the first quarter of this year, it also recorded an above-average unemployment rate and below-average residential property price appreciation. Of course, unemployment is the most important reason because of which homeowners stop making their regular payments and lack of proper appreciation in real estate rates further makes the situation difficult forcing homeowners to refinance or sell to avoid foreclosure.

Since everyone wants to fulfill the American Dream of owning a house, more and more homebuyers are ready to stretch themselves thin – financially – in order to buy their dream home. These homebuyers often end up opting for higher risk finance options such as adjustable interest rates, interest only loans etc. And such homebuyers are easy victims to foreclosure and default as the rate of interest rises.

Foreclosure in Indianapolis reached a record high at one for every 69 households. Furthermore, Indianapolis foreclosures stood only second to Atlanta foreclosures and managed to grab a rank on the Top 10 list for cities with highest foreclosure rates in the nation.

Tuesday, December 2, 2008

Indiana foreclosures offer many housing options

Indiana Foreclosures - A report

Indiana has seen some of the highest foreclosure rates in the recent past with highest being in 2002 when the filings were twice the national average. The higher number of foreclosures means that there are more Indiana foreclosed homes available for purchase by first time homebuyers and investors. Buying a home is like a dream come true for every individual or any family. Everyone looks forward or lives in the anticipation that someday they will be able to buy their own home. Indiana foreclosures for sale help to make this dream come true by offering low priced homes so that people can live the American Dream. Let's take a look at the foreclosure rate history of Indiana.

For most part of history, the foreclosure rate in Indiana has not changed significantly, and has remained stable in the last decade. In the 1990's the foreclosure rate in Indiana was less than the national average. The increase in the rate started since the last two years and in the third quarter of 2002, Indiana saw its highest foreclosure rate ever and this increased the number of Indiana bank foreclosures. It was the highest in the country too. There are many factors responsible for this sudden increase and the primary factor is the job market. When a homeowner loses a job, it becomes difficult to repay the monthly installments in a loan and there comes a time when he/she will default and the home will go into foreclosure. This is why there has been a rise in Indiana bank home foreclosures. In the year 2002, 686,335 loans were provided to people in Indiana and 16,335 loans went into foreclosure due to different reasons.

First-time Home Buyers in Indiana

In spite of the recent spike in the foreclosure rates in Indiana, the state is said to have one of the highest rates of homeownership in the entire nation. According to a Census data taken out in 2000, 74.9% of Indiana residents were homeowners while the national average was 67.4%. Indiana was in the seventh position where homeownership rate was concerned and this is because Indiana has a low unemployment rate and low home price.

Due to the high number of bank foreclosed homes in Indiana in the last two years, an inventory of homes has been created. These homes can be seen as a part of the Indiana foreclosure listings taken out on a regular basis by government agencies, financial institutions, and real estate agents. The list has all the important details of various foreclosure homes in Indiana. So if you are thinking of buying a home in Indiana, then this is the right time because you will be able to find some of the hottest properties selling at bargain prices. Indiana foreclosure homes are being looked at as a post retirement option or as a first time homebuyer option.

Friday, November 21, 2008

Choice is King with Indianapolis Foreclosure Listings

Don't be afraid to admit it, you've always wanted to buy a new home but never found the one you could set your heart on. That's a problem facing most of the nation, but not in Indianapolis. Foreclosure listings are sky rocketing. There are literally thousands of Indianapolis foreclosure homes to choose from. It's a great time to turn to Indiana home foreclosures so you can have the ability to select a home that you really want, not just one you can afford.

It's a sad fact that many people that don't know enough to choose Indianapolis foreclosure homes have to choose between what they want and what they can actually afford to buy. Most times they buy homes that aren't large enough for their needs or homes that need a lot of work. That doesn't have to be the case with Indianapolis foreclosure listings, you can look through the thousands and thousands of listings and select a home that has all the space you need and that new home smell! Indianapolis foreclosure homes can be the way to find the home that is the perfect fit for you.

Buying your first home can be intimidating, the process seems so daunting. With Indianapolis foreclosure listings the process is simple. If you're looking for the most cost effective means of buying a home in Indianapolis foreclosure listings have auctions available. This will save you the most money on buying a home and require the smallest amount up front. Anyone can afford a home with Indianapolis foreclosed homes. Be it the local fast food fry cook, or the big time real estate agent. Both can have the home they've always wanted and save money at the same time, but only with Indianapolis foreclosure listings.

Wednesday, November 12, 2008

Why Waukegan foreclosures for sale should be considered as an investment option

Set Up A Business in Waukegan

If the thought of having some type of business in Waukegan, IL has ever entered your mind, then you need to give some thought to Waukegan foreclosure listings. The reason that you should look into them is that bank foreclosed homes and other types of distressed commercial properties can help you save money on that purchase. Setting up a business involves a variety of costs, so why not learn about how to save money on the site for your future business?

Waukegan Foreclosure homes Are Good Investments

Anyone who does any investing in distressed properties knows that bank owned properties of any kind are considered to be highly intelligent investments. You can negotiate most aspects of the loan with the bank, you can usually get the property for less, and you generally do not have to worry about other financial claims on the property. It is also easier to buy them from a bank than at an auction, where you have to go up against other buyers who may have more money.

Start Making Good Business Decisions

Take the first step to a new business by searching the commercial listings in our database for just the right property in the perfect location. Get a jump start on your new business venture with a little help from us. It only makes sense to begin making smart decisions when you are looking for a commercial property that will suit your needs and then follow that up with making other good decisions as your dreams of your business becomes a reality.

Monday, June 23, 2008

Buying Foreclosed Homes In Indiana Metros Might Prove To Be Wise Investments!

The home market in Indiana has been fluctuating ever since the whole country became host to the foreclosure virus. Apart from sub prime mortgages and home loans with fluctuating interest rates, the extremely high number of foreclosures in Indiana can be attributed to a high rate of job loss among its working class. Many home owners had no option but to default on their home loans once they found themselves out of a job and incapable of drawing an assured monthly income.

However, one trend that the Indiana real estate market has not followed is that of spiraling low property prices, especially when it comes to its metros like Indianapolis etcetera. While home prices have definitely gone down everywhere with the bursting of the housing bubble, the city of Indianapolis has managed to maintain its usual property rates with just a little bit of fluctuation here and there. But the best part is that foreclosed properties in the same areas can be bought right now for as low as half their market rates.

Due to various reasons, the inventory of Indiana foreclosures with banks and other lending agencies is one of the highest in the country till date. Most of these foreclosures have gone back to the lender at foreclosure auctions because a state ravaged with unemployment can hardly produce a number of home buyers, especially when home loans are tough to get. As a result, banks and other financial institutions are ready to offer great bargains to people who are currently interested in buying Indiana foreclosures. Foreclosures can generally be had for a fraction of the property’s real value because most lenders calculate foreclosure prices based on the amount of unpaid mortgage, which could be pretty low in many cases.

So if have the resources to buy an Indiana foreclosure right now, especially one that is located in an area where house prices have not dropped down significantly, you can very easily become the owner of prime real estate by paying only half to three-fourths of its real value. Remember that the key to investing in an Indiana foreclosure is to find a good locality where prices have not gone down much and to have enough assets to pay for the property or to easily get a loan that will.

Wednesday, March 19, 2008

Flip For Cash with Indianapolis Foreclosure Homes

It is a simple concept called flipping. You take a property, purchased through Indianapolis foreclosure homes, and sell it for a profit. Simple isn't it?

To get started you need to do a couple of things. First look at your financial situation, don't worry you will not need a large sum of money to get started. By using Indianapolis bank foreclosures a person can pay as little as five hundred dollars down.

Then, once you have purchased your home, what you do is put it up on the block for sale again. Indianapolis foreclosure listings can't help you there because you haven't defaulted on your mortgage, but once you sell the house you just bought you can use some of your profit to purchase another one of the many Indianapolis foreclosure homes that are on the market.

The trick is buying in areas that have good resale appeal. What that means is areas surrounded by strong job opportunities or schools. Even neighborhoods that have lower crime rates will be very attractive. This may take a bit more work, but the pay off will be worth you effort.

Then you will be well on your way to economic security. After flipping a few houses you can transition into the rental market. It will certainly be on an upswing for some time to come. Or use the capital to start your dream business. Flipping can be your primary job or a means to another end altogether.

Let's look at some of the stats of Indianapolis. Economically speaking Indianapolis is diverse with several different major companies employing residents, the range includes pharmaceutical companies to automobile manufacturers. The foreclosure market is fairly saturated and the trend looks to continue for the near future. Rates range from $25,000 up to over $1,000,000.

The point is that Indianapolis foreclosed homes offer potential for gains that some might not otherwise have. That is why it would be in a person’s benefit to check into them. Because it can only lead to greener pastures.

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