Legal Question in Real Estate Law in Indiana

My husband and I live in Indiana and have to let our house foreclose as I have been laid off and cannot find a job. My husband is on Social Security disability and I am about to exhaust my unemployment compensation. We are now behind one payment. I have family and job prospects in Tennessee and am planning to move there in the near future. If I get a job in Tennessee before the foreclosure process is complete, can the bank garnish my check in the future even though I have to leave Indiana to get a job? There are no jobs for me in Indiana. I have been trying for a year and a half.


Asked on 10/30/10, 6:12 pm

1 Answer from Attorneys
Voyle A. Glover Attorney at Law

Simple answer is yes. However, once they resell the home, it is possible that your loan would be repaid and you would not owe anything. The bank does not want the home. Unfortunately, these sales usually are low bids, so you'd owe the difference between what the house sold for and the loan. If you had enough equity in the home, it's possible that you'd owe nothing.

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Answered on 11/04/10, 6:53 pm


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