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NOTICE THE PLAINTIFF HAS ELECTED FORECLOSURE WITHOUT REDEMPTION. THIS MEANS THAT THE SALE OF THE MORTGAGED PROPERTY WILL OCCUR PROMPTLY AFTER ENTRY OF JUDGMENT UNLESS YOU FILE WITH THE COURT A WRITTEN DEMAND TO DELAY THE SALE.
State Foreclosure Laws in Iowa For most Iowa foreclosures, the lender files a lawsuit. First, though, the lender has to mail a notice of default and right to cure at least 30 days (45 days for agricultural properties) before filing the suit. (Iowa Code § 654.2D, Iowa Code § 654.2A).
Foreclosure Starts If you fail to answer the court action, the lender can get a default judgment from the court. The judgment will give the lender permission to hold a foreclosure sale. But if you respond to the lawsuit by filing an answer, the case will go through the litigation process.
Before a judgment is entered you can file a "Demand for Delay of Sale" with the court to delay a sheriff's sale of your home. This can be filed whether or not you file an Answer to the foreclosure petition. The Demand must be in writing and must request that the sheriff's sale be delayed.
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.
Ways to Stop Foreclosure in Iowa Declare Bankruptcy. Yes, bankruptcy is a way through which foreclosure can be stopped. ... Applying for Loan Modification. ... Reinstating Your Loan. ... Plan for Repayment. ... Refinancing. ... Sell Out Your Home. ... Short Sale. ... Deed In Lieu of Foreclosure.
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.