Posted by Matt So IN on September 28, 2007 at 13:26:55:
You are so right, it always seems to cost more in the long run, than doing it right the first time. I did the google search and while it gave many decisions, it gave no procedures. A local friend did have an attorney do one and he did a full foreclosure. Cost him $4,000. He thought the attorney drug it out so he could charge more. We would like to avoid that.
Thanks, Matt
Indiana Land Contract Foreclosure - Posted by Matt So IN
Posted by Matt So IN on September 26, 2007 at 06:24:25:
We sold a property on a land contract in Indiana that we may need to do an eviction/foreclosure on. I normally handle evictions on our rentals, but am not sure if we can just evict someone with a land contract or have to foreclose. I tried looking it up on the Indiana.gov site, but coudn’t find anything.
Does anyone have experience in this?
Thanks, Matt
Knowing the law beforehand - Posted by John Merchant
Posted by John Merchant on September 26, 2007 at 08:17:45:
Using Google as a starting point, I looked up “IN real estate contract forfeiture”…and quickly found a wealth of info, including several key and seminal appellate court decisions in IN re collecting on delinquent RE contracts.
Gotta say here that it would have been much smarter for you to look up and have a handle on this before you elected to sell on REC, without a deed or mortgage.
Betcha next time you’ll be a little better prepared…right?
Also of course, it’d be better to hire a lawyer than try to go it yourself on a legal deal like this.
Now you’re having to deal with legal consequences of your actions, after the fact, which might be a whole lot more expensive than your hiring a lawyer upfront.