Legal Question in Real Estate Law in Indiana

Forclosure Procedings

This is our first house and we bought it for 66,000. We fell short on our payments and they started to send any money we sent to them back to us. Then they would tack it on our bill and add interest to it. We made an agreement with them and we sent them a full payment (8 days late) and they sent it back to us. We were not notified that we didn't have the 10 day lee way any more.Now they will not work with us and they want to forclose on our house. Is there anything that we can do to keep our house?


Asked on 7/09/01, 5:26 pm

1 Answer from Attorneys
Mary Ann Wunder Wunder & Wunder

Re: Forclosure Procedings

Unfortunately, your lender appears to be taking a hard line by refusing late payments. If it is no longer interested in working with you, a Chapter 13 bankruptcy is one alternative. Another would be to work through a consumer credit agency to see if the lender will work with that agency on your behalf. Your final option would be to seek refinancing to pay off this lender and begin afresh with another. If a family member were in a financial position to lend you all the money you need to bring the mortgage current, that is a possibility but when you are having problems meeting your monthly payments, there is seldom a rich uncle waiting to assist you.

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Answered on 7/11/01, 9:45 am


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