Iowa Foreclosure Law

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Iowa Foreclosure Laws

Iowa Foreclosure Time Frame – The period for an Iowa foreclosure is typically 150 days.

Judicial Foreclosure – Yes

Non-Judicial Foreclosure – No

Types of Security Instruments – Mortgage

Right of Redemption Period – No

Iowa foreclosure laws do not allow for non-judicial foreclosures; however, there are options for a judicial foreclosure as well as an alternative foreclosure option. 

According to Iowa foreclosure law, the first step in a judicial foreclosure requires the lender to file a suit against the borrowers to obtain a Decree of Sale.  The borrower will be allowed by the courts a period of time to correct the default before the home is sold.  If the borrower is unable to correct the default then the property is sold by court order.

In Iowa, a Notice of Sale is required to be posted at a minimum of three public places in the same county where the property is located.  It is also required that at least one copy of the notice be posted at the county courthouse where the property is located.  Additionally, a copy of the notice of sale must also be published in the local public newspaper.  The first date of publication must be a minimum of four weeks before the sale date.

The borrower in Iowa must also be served with a copy of the Notice of Sale a minimum of 20 days prior to the date of sale if they are in possession of the property.

Iowa foreclosure laws require the sale to be conducted at a public auction by a county sheriff between the hours of 9a.m. and 4p.m.  The auction itself is conducted with sealed bids that are submitted prior to the actual start of the sale.  In addition to the bid, the sealed bid must also include any necessary fees and the payment for the property.

During the actual sale, the sheriff opens all bids and reads them publically.  All bids that are rejected are returned with the payment to the person who placed the bid.  Iowa foreclosure laws allows the sale to be postponed, however it may only be postponed for a maximum of three days and at the original date and time an announcement must be made publically.
The alternative foreclosure method available in Iowa involves the borrowers voluntarily reconvening all rights to the property back to the lender using a Disclosure of Notice and Cancellation.  This states that the borrowers are voluntarily giving up their rights to the property entirely, including the right to occupy or reclaim the property.  When this occurs, they must file a joint statement with the lender to the county recorder that the alternative method has been used to resolve the delinquency.  If the lender accepts this method, they are not allowed to sue the borrower for a deficiency judgment.

For more information on Iowa foreclosure laws click here.

 

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The information found on this site is not intended to be legal advice. The foreclosure process is highly case specific and laws vary throughout the United States. Please seek professional legal counsel before entering into any contract regarding any real property or stopping the foreclosure on any real property. By using this site you consent to the terms posted here.