What is Foreclosure in Evansville, Indiana?

Find the right Foreclosure Bankruptcy attorney in Evansville, IN

Foreclosure is the process 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 Evansville, Indiana has repeatedly failed to make their payments. Foreclosure typically involves a forced sale of the house at auction. Banks typically 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 reasonable effort to get a decent price at the auction, and that any proceeds above the balance of the mortgage go back to the borrower. In many 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 borrower 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 an Evansville, Indiana attorney to see if this state is one of them.

How Can I Avoid Foreclosure in Indiana?

First and foremost, you should not ignore the possibility of foreclosure. Failing to respond to collection calls from your lender will not make the problem go away. As unpleasant as this might seem, you should stay in contact with your creditor, and be forthright with them. One should remember that banks usually don't want to take your house in Evansville. They issued your mortgage expecting to earn a profit on the interest. Taking possession of, and selling, your house is a last resort for them. Therefore, if you are forthright with them about your financial situation, they are likely to make reasonable accommodations to prevent you from defaulting.

If no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders usually treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You might also try a "short refinance" which allows a piece of the debt to be forgiven, and the rest refinanced. This allows the bank to wash its hands of the matter, while taking a relatively small loss, and allows the homeowner to keep their home.

How Can A Evansville, Indiana Attorney Help?

If you are facing the possibility of foreclosure, a good Evansville, Indiana real estate attorney can help. At the very least, they will be able to inform you of your legal options.

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Life in Evansville

Evansville is located in Southern Indiana and is nicknamed the "River City" because it creates a "horseshoe-like bend" on the Ohio River.

The National Civic League named Evansville the "All-American City" in 2004 because of its diversity, stable economy and vitality. In 2008, it was voted the best city in the county to live in by Kiplinger.

Popular attractions include the Angel Mounds Historic Museum, the Mesker Park Zoo, the Wesselman Woods Nature Preserve and the annual Evansville Freedom Festival.

Many large corporations have their headquarters in Evansville. Such corporations include Accuride, Atlas Van lines, Mead Johnson, Old National Bank, Berry Plastics, and Vectren. AK Steel and Toyota also have manufacturing plants there. Overall, the city is pro-business. Therefore, the legal force in Indiana is present and capable of handling all the legal needs of these corporations, as well as Evansville residents.

Overall Evansville is seen as a great place to live.

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