FORECLOSURE OF REAL ESTATE MORTGAGES AND LIENS
(IC 32-8-16-1 through IC 32-8-16-6.5)
When Process May Issue
Unless otherwise ordered by the court, judicial foreclosure of all liens upon real estate will be conducted under the same rules and with the sale proceedings as foreclosures of mortgages. In proceedings for the foreclosure of any mortgage executed on or after July 1, 1975, the court may not issue process for the execution of judgment or decree of sale for a period of three months from the time of the filing of the complaint. However, in proceedings where the mortgage was executed before January 1, 1958, the process shall not issue for at least twelve months, and where the mortgage was executed after December 31, 1957 and before July 1, 1975, the period shall be six months.
The owner of real estate subject to foreclosure may file with the clerk a waiver of these time limitations. Consent of the judgment holder shall be endorsed on the waiver which consent, if given, must also release the debtor from any personal liability. Upon filing, process must issue immediately.
The Sheriff's Duties upon Execution and Sale of the Mortgaged Real Estate
A copy of the judgment and decree of sale is certified by the clerk, sealed with the seal of the court, and issued to the Sheriff. The Sheriff must proceed to sell enough of the real estate to satisfy the judgment, interest and costs.
POSSESSION OF THE PROPERTY
The Sheriff is entitled to possess personal property even though the mortgage agreement itself says that the mortgagee is entitled to possession in case the property is levied upon.
Notice of the sale must be advertised by publication once each week for three weeks in a daily or weekly newspaper which has been a paper of general circulation, printed in the English language, and published in the county where the real estate is situated. Notice is also made by posting written notices in at least three public places in the township in which the real estate is situated, and at the courthouse door. The first of the publications must be made at least thirty days before the date of the sale. A notice of sale must contain a statement, for informational purposes only, of the location of each property by street address, if any, or other common description of the property other than legal description.
The Sheriff must sell property on foreclosure in a manner that is reasonably likely to bring the highest net proceeds from the sale after deducting the expenses of the offer and sale. The sale must be made by auction at the office of the Sheriff of the county where the real estate is located. The whole body of the mortgaged real estate should be offered for sale, unless the court orders otherwise. It is not necessary, unless ordered by the court, to offer first the rents and profits, or to offer separate parcels. If part of the judgment, interest or costs remains unsatisfied, the Sheriff is required to levy the residue on other property of the judgment debtor. If the proceeds of the sale exceed the amount of the judgment, interest and costs, the excess should be paid to the clerk of the court for disbursement by the court.
Immediately after the sale, the Sheriff should execute and deliver to the purchaser a deed of conveyance of the premises. There is no right of redemption after sale of mortgaged premises.
After executing the deed to the purchaser, the Sheriff should make a return of the execution. In all cases where a foreclosure or execution sale of realty is not confirmed by the court, the Sheriff is required to make a record of his actions in his return to be filed promptly with the record of the case.