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How do you dismiss the pre-forclosure period in Indiana?

We have not made payments on our home for a year and a half. The bank has not started the foreclosure process yet, but stated they would be soon. We have read that you could dismiss the pre-forclosure process to avoid paying any unsatisfied debt after the sheriffs sale of the home. Does anyone have any information on how to dismiss the pre-foreclosure process in Indiana?

Public Comments

1. I believe you are talking about doing a Deed in Lieu - this is when you voluntarily give the bank the deed to you home. It saves them money by avoiding the court - and gives you the opportunity to negotiate you own terms (such as ensuring their is no deficiency judgement).
2. I've attached a link below on what that means to you. However, you can only have the debt dismissed by paying it. There is no way to dismiss the debt without satisfying it. Sorry. The banks aren't going to go away.
3. They are talking about you just handing over the deed, which will really save yoru credit, talk to a Cetified Distressed Property Expert who is local to you. http://www.cdpe.com