Indiana Foreclosure Listings Key Terms

Learn about some of the terms commonly found in Indiana foreclosure listings

By Jason Wood

Indiana foreclosure listings are full of information that is slightly different from a traditional real estate listing. Even if you are familiar with some of these terms, it's wise to refresh yourself on their definitions as they can vary greatly from state to state.

Take the time to learn about these terms by browsing through informational websites. Here are some of commonly found terms in Indiana foreclosure listings and some additional resources to get you started.

Judicial foreclosure

A judicial foreclosure refers to a proceeding brought against a defaulted borrower by a lender in the court of law. A lawsuit is filed stating that the borrower has defaulted and that the lender wishes to foreclose. Depending on when the mortgage papers were signed, the lender must wait between three and 12 months before auctioning off the home. An Indiana foreclosure listing will detail where a lender is in the judicial foreclosure process.
Try: Visit Foreclosure Law.org for further information on how a judicial foreclosure operates in the state of Indiana.

Notice of sale

A notice of sale refers to the document that an auctioneer must place in a local newspaper at least three times before the auction date. The notice of sale must also be posted in three public places. An Indiana foreclosure listing will detail the contents found in the notice of sale and may even provide a link to the advertisement.
Try: Visit the website for Realty Trac for more information on how and where the notice of sale must be posted in the state of Indiana.

Lis pendis

The lis pendis is the actual document recorded in the court system which outlines that the lender wishes to foreclose on the defaulted borrower. The details of where and when the lis pendis was filed will be found in an Indiana foreclosure listing.
Try: Visit Foreclosure.com for further information on lis pendis and how it is incorporated into the Indiana foreclosure and foreclosure listing process.

Decree of sale

A decree of sale is an action taken by the court when it finds that a property in default has been abandoned. This negates the time line that a lender must follow before auctioning off a property. An Indiana foreclosure listing will detail if a decree of sale has been granted by the court, thus expediting the auction process.
Try: Foreclosure University has additional information on how the decree of sale operates within the state of Indiana.

Right to redemption

In the state of Indiana, the defaulted borrower has the right to redemption, meaning that they have a limited time frame in which they can reclaim their property by paying the balance due to the lender inclusive of penalties and fees.
Try: Visit the official Indiana state website for more information on how the right to redemption works in the state of Indiana.

Public auction

A public auction is the method by which foreclosed properties are sold in the state of Indiana. The property is awarded to the highest bidder. An Indiana foreclosure listing will outline the date, time, starting bid and other pertinent information about the public auction.
Try: Visit Foreclosed Homes Indiana.com for further information on how a public auction operates in the state of Indiana.