Legal Question in Real Estate Law in Indiana

Waiving the Preforeclosure Waiting Period

We have vacated a home we've been trying to sell since August, with no luck (after several price reductions). We are almost 90 days overdue on 2 mortgages. I have read that there is a ''waiver'' we can sign to go ahead and proceed with the sale of the home, and that if we sign this waiver, the lender gives up any legal right to pursue the deficiency (which there is certain to be at this point). Where do I find this ''waiver''? Of course the mortgage company does not answer clearly when I ask them for it. Should I contact a real estate lawyer to write this ''waiver''? We have no interest in keeping the home, as we've already purchased another home and moved out of this one - long story short - we could no longer afford the rising utilities/taxes/+ payment on it.


Asked on 12/03/07, 2:12 pm

1 Answer from Attorneys
C. David DuMond Law Offices of David DuMond

Re: Waiving the Preforeclosure Waiting Period

I'm sorry for your problems. You might be thinking of a deed in lieu of foreclosure. But lenders, in today's market and under Indiana law which permits a foreclosure AND a deficiency judgment against the debtor, probably won't agree to it, and you can't force them to accept. Since you have two mortgages, the junior lienholder might accept, if there is any hope of recovery. But even so, they won't cut a deal if their original loan has been packaged and sold. Good luck.

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Answered on 12/03/07, 4:41 pm


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