Today's Indianapolis Star has a story about how the mortgagee for the local Keystone Towers complex is auctioning off its defaulted-upon loan as opposed to pursuing a foreclosure suit. Click here for the article. A lender's sale of a distressed loan (the assignment of the loan documents for a price) is not unusual, but doing so via an on-line auction is. If you have experience or insight into this process, please email me or post a comment. I'd like to learn a little more about the transaction, thanks.
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- Attachment: Ind. Code 34-25-2
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