The only parties legally allowed to file an Intent to Redeem are junior lien holders as defined in 38-38-100.3 (11). Intents to Redeem must be filed with The Office of the Lake County Public Trustee within eight (8) business days after the sale.
Please consult your legal advisor for advice on any lien you may have.
NOTE: Due to significant changes in the law, the way in which a foreclosure is processed depends on the date the Notice of Election and Demand was recorded by the Lake County Clerk and Recorder to start the action. Please speak to a member of the Public Trustee staff for more information about filings where the Notice of Election and Demand was recorded before January 1, 2008.
It depends on when the Notice of Election and Demand (NED) was recorded:
Junior lien holders who have filed an Intent to Redeem will be advised of the time period in which to redeem by the Public Trustee’s office. Intents to Redeem are prioritized in the order they are recorded. If the last day of a redemption period is a business day that falls on a legal holiday, or a day the Lake County facility is closed, the period is extended to the next business day.
If you have any questions concerning the rights of an entity, please consult your legal advisor.
A redemption amount is the amount necessary to pay off the Deed of Trust in default.
The Public Trustee’s foreclosure files do not contain these figures unless an Intent to Redeem has been filed. The Public Trustee requests and receives figures from the foreclosing attorney for the lender or the overbidder at the time of the sale.
Junior Lien Holder Redemption
To exercise a right of redemption, a junior lien holder must properly file an Intent to Redeem with the Public Trustee eight (8) business days after the sale.
When filing the intent, the lien holder must include the original or a certified copy of the lien and any recorded assignments of the lien. The fee to file a lien intent is $50.
Junior lien holders who have filed an Intent to Redeem will be advised of their redemption period by the Public Trustee’s office. Intents to Redeem are prioritized in the order they are recorded. The most senior lien holder may redeem fifteen (15) to nineteen (19) business days after the sale, but no later than noon on the final day. Subsequent lien holders each have five (5) business days after the senior lien holder’s period, but must redeem by noon on the final day.
Certificate of Redemption
A Certificate of Redemption is executed by the Public Trustee and recorded with the Lake County Clerk and Recorder after a redemption has occurred.
Deed Transferring Title
A Public Trustee confirmation deed is issued to the person holding the certificate of purchase, or in the case of redemption, to the holder of the last certificate of redemption. Successful purchasers at the foreclosure sale are given a letter advising them of the dates on which a deed may be issued. Certificates of purchase and certificates of redemption are assignable prior to the date on which title vests.