Why does the bank have to file a Foreclosure Law Suit?
Most people don't realize that, when you get a loan to purchase a home in the state of Indiana, you actually get the Deed to your home after the closing.
The Deed is mailed to the Borrower 30 to 60 days after the sale is recorded at the county court house. This is unlike financing a car where the bank holds the vehicle title until the loan is paid off. This is why a bank can repossess a vehicle, but will have to file a Foreclosure Law Suit to get possession of the home.