What is Foreclosure in Hammond, Indiana?

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Foreclosure is the procedure through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan. This happens when a debtor in Hammond, Indiana has consistently failed to make their payments. Foreclosure usually involves a forced sale of the house at auction. Banks usually want to rid themselves of ownership of the home as soon as possible, collect as much money as they can, and then move on.

In all states in the U.S., including Indiana, foreclosure by judicial sale is allowed. Under this system, the sale is overseen by a court of law, to ensure that the bank makes a good effort to get a reasonable price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In various states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the debtor for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Hammond, Indiana Lawyer to see if this state is one of them.

How Can I Avoid Foreclosure in Indiana?

First, you should never dismiss the matter. As unpleasant as it seems, it is necessary to stay on top of the issue. Ignoring the problem will never make it go away. You should keep in mind that banks usually don't want to take your Hammond home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will prevent you from defaulting.

If you can't work things out with your lender, there are other avenues. You can try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still receives those proceeds, but the remainder of the loan will be forgiven. You could also consider a "short refinance" which allows a part of the debt to be forgiven, and lets you refinance the rest.

How Can A Hammond, Indiana Attorney Help?

If you think foreclosure is imminent, a good Hammond, Indiana Lawyer may be your best hope for staving it off. Even if keeping the house proves impossible, a good Attorney can minimize the financial effects.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Hammond

Hammond is located in Indiana's Lake County. It is near Chicago and is home to around 80,830 people.

Hammond's top employers include Cabelas, British Petroleum, Indiana Harbor Belt Railroad, Tortilla Nuevo Leon, Jupiter Aluminum, Unilever, Lear Corporation, Horseshoe Casino, Dietrich Industries, and Cargill. To support all these businesses, Hammond is home to many competent attorneys who practice in corporate law. Additionally, Hammond residents and businesses have the legal force in nearby Chicago to also tend to their needs. Chicago is home to many large law firms, ivy-league educated attorneys, and mid to small size firms that focus on providing personalized legal services.

Some famous people who have called Hammond home include Jimmy Valiant, Jordan Schafer, Scott Sheldon, Fritz Polland, Jeremy Jordan, George Groves, Danella Folta, Hal Faverty, Darrel Chaney, and Robert K. Abbett.

All in all, Hammond offers residents a wonderful quality of life!