Such loans are often for small sums and are often occasions known as petty lending. The moneylender firm, lending to a salary earner for consumption function is `like blowing the balloon which may burst with time if blown harder’ because with the strain of assembly mortgage repayment from his revenue, there might be need to augment the out there fund with an extra mortgage until such a time that his complete income might be swallowed by mortgage repayment. The end consequence could be a personal monetary disaster which may jeopardize the firm’s mortgage exposure.
If nobody redeems the property through the statutory redemption period, the purchaser could apply to the county auditor for a deed to the property. Before executing and delivering the deed, the county auditor should notify the previous proprietor that he remains to be entitled to redeem the property. 6-1.1-25-6. No discover to the mortgagee is required. If the property is not redeemed inside 30 days, the county auditor may then execute and ship a deed for the property to the purchaser, 6-1.1-25-4, who thereby acquires “an estate in charge easy absolute, free and clear of all liens and encumbrances.” 6-1.1-25-4(d).
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