Lis Pendens Lessons
Media Reports On Health Of Central Indiana Commercial Real Estate Market

Indiana Legislation, 2008

According to my sources, it appears the only state legislation in the hopper that may affect commercial foreclosures is Senate Bill No. 62.  Here's the bill:  (SenateBill62.pdf).  Here's the fiscal impact statement:  (FiscalImpactStatement.pdf).  The proposed change - a minor one to say the least - "eliminates the requirement that a sheriff post notice of a foreclosure sale in at least three public places in each township where the real estate is located."  The bill really affects civil sheriff's offices, not lenders or borrowers. 

As an aside, it's my understanding that some other states are exploring the enactment of more dramatic changes to foreclosures, including ways to expedite the sometimes lengthy process.  I was studying Florida law for a case last month and learned that, unlike Indiana, counterclaims filed against the foreclosing lender will be severed (bifurcated/split) from the original foreclosure claim filed against the borrower.  In Indiana, counterclaims filed by the mortgagor, even claims without merit, can result in substantial delays of the process.  I'm involved in a contested residential foreclosure case right now that has been around for almost three years, primarily due to the tactics of borrower's counsel and also court-related delays.  We finally tried the case in September and successfully obtained a judgment and decree of foreclosure.  Alas, the defendant borrower is pursuing an appeal....