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Most foreclosures on Iowa property take about 5 or 6 months to complete. Iowa is a judicial foreclosure state. Therefore, all foreclosures occur through the judicial system so the time frame can vary ing to the court's schedule and orders in a particular case.
So long as credit is available to the borrower, payment of the outstanding mortgage balance to zero shall not extinguish the prior recorded mortgage if it contains the notice prescribed by this section.
This is when you give the deed to your home to the mortgage company, and the mortgage company agrees not to foreclose. A mortgage company may require you to try to sell your home before agreeing to a Deed in Lieu of foreclosure.
On its face, Iowa Code section 654.12A states that ?loans and advances made under the mortgage, up to the maximum amount of credit together with interest thereon, are senior to indebtedness to other creditors under subsequently recorded mortgages.? Iowa Code § 654.12A.
Iowa Code 537.7102(3) ?Debt? means an actual or alleged obligation arising out of a consumer credit transaction, consumer rental purchase agreement, or a transaction which would have been a consumer credit transaction either if a finance charge was made, if the obligation was not payable installments, if a lease was ...
The Agreement has several available remedies for the buyer and seller in the event of default. The options include (1) declaring the Agreement null and void, (2) termination of the Agreement, (3) specific performance, and (4) stipulated damages.
Iowa law requires a creditor to provide a debtor with a written notice of their right to cure a delinquent amount. This must happen before a lawsuit can be filed to collect a consumer debt. The notice must provide the debtor at least 20 days to pay the defaulted amount.
654.20 Foreclosure without redemption ? nonagricultural land. 1. If the mortgaged property is not used for an agricultural purpose as defined in section 535.13, the plaintiff in an action to foreclose a real estate mortgage may include in the petition an election for foreclosure without redemption.