Indianapolis Area Real Estate Blog

Foreclosure Help in Indiana

Has your dream of home ownership turned into a nightmare? Does it seem you may never get caught up? What steps should you take to preserve your home and at what expense?

These are the hard questions facing those whose home is in jeopardy of being handed over to the Sheriff for sale.

As a Realtor, I receive questions weekly from those who are facing foreclosure. Most want to stay in their home and are searching for help and answers. Many times their questions are more legal than I can answer.

Although I am capable and willing to help where I can, I am limited to assisting in the sale of the home. When a perspective client is facing foreclosure, I am able to provide the means to facilitate a sale, either traditionally or by short sale. It is always my hope, I can help them retain their equity. When there is no equity, I work with the bank to assist in a short sale.

For someone who wants to keep their home, these are not options they want to consider. My first recommendation is always keep in contact with your lender. They may have programs designed to help you get back on track.

Another bit of advice, is never trust someone who shows up at your door wanting to help. These bloodsuckers are not your friend. They search the notices of foreclosure, hoping to find someone who is desperate. Seek competent advice from a legal expert.

State officials have launched a new website and toll free hotline number to assist those who are facing foreclosure. The The Indiana Housing and Community Development Authority has initiated a new public awareness campaign, “Don’t Let the Walls Foreclose in on You.”

Please take advantage of the resources available at the first sign of trouble. To find out more information about this valuable resource, click here or you can call them at 877–GET-HOPE. For more information about foreclosures, see my website.

If you have no alternative to selling your home, make sure you have a Realtor you can trust to assist you in the process. 


#1 By Raleigh Real Estate at 11/13/2007 5:21 AM

Hi Paula - Great advice! My experience has always been that the bank does NOT want to foreclose. Every homeowner in Indianapolis needs to know this. Banks typically loose money when they foreclose and their business models only allow for a certain number each year. Most banks are way over that number right now and it's costing them.

#2 By Mana Tulberg at 11/15/2007 9:28 PM

Paula, It is so important that people get educated and attend seminars so they can learn the differences between traditional sale, short sale, and foreclosure.

#3 By Paula at 11/17/2007 2:26 AM

You're right - I think the latest numbers I heard was it cost the bank about $50,000 to foreclose on a property. Here in Indy, many are not selling at the Sheriff's sale, which leaves the bank owning the property and they don't want that either. Many can save their home if they act sooner rather than later.

#4 By Paula at 11/17/2007 2:28 AM

Mana - Education is key! I am all about educating so homeowners can make a good decision for themselves.

#5 By laurie mindnich at 11/19/2007 5:41 AM

So many people are facing the unthinkable- encouraging action is so important. Many people "freeze", not realizing that help is available. Good for you, offering a "light" at the end of the tunnel- a simple conversation with you about what CAN be done will likely get some homeowners out of this unexpected mess.

#6 By Paula Henry at 11/23/2007 6:16 AM

Laurie - You are so right! Taking action in the beginning can save many homeowners a lot of stress and maybe even their home. - Paula

#7 By Paula Henry at 11/23/2007 6:18 AM


People need to know there is help and hope. The one thing they don't need is a vulture at their door - I, for one, am happy Indiana has set up this program for those who are facing foreclosure.

#8 By Scott Saghirian at 11/24/2007 4:25 AM

Paula, you made some very good points in your article about foreclosure property in Indiana. The resources you provided will certainly help the home seller if they are facing a foreclosure or short sale.

#9 By Chad at 11/24/2007 6:26 PM


Excellent advice to those facing foreclosure. I believe the most important is always stay in contact with your lender. I always say that over communication beats no communication anyday!

Great job,


#10 By Gena Riede at 11/25/2007 7:32 PM

Terry, that was great help for those that find themselves upside down. Ths is such an emotional time and ignoring what should be done as well as grabbing onto predators that come out from under their rocks to only take advantage of a them is something that can only help by you letting them know. These are your future buyers in 7 years...we need to do what we can for them.

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