Iowa Sample Letter regarding Information for Foreclosures and Bankruptcies
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How to fill out Sample Letter Regarding Information For Foreclosures And Bankruptcies?
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FAQ
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.
Notice of Default ? Foreclosure starts when your lender records a Notice of Default against your property with the Registrar Recorder's office. The Notice of Default tells you the total amount you owe including missed payments and foreclosure fees.
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.
There are some states that have a redemption period, which allows the borrower to buy back the property from the bank. In Iowa, if the bank proceeds with a judicial foreclosure with redemption, the borrower has up to a year to redeem the property back from the bank.
Buyer have 1 year and 9 months In most cases, the redemption period lasts for one year and nine months after the sale.
Iowa is a state that conducts judicial foreclosures, which means that the mortgage holder must go through the civil court system to foreclose on the property. However, the homeowners may voluntarily sidestep the judicial foreclosure procedure.
What should I do? Call the mortgage lender as soon as you know you can't make a mortgage payment. Ask about their forbearance policies and other options like a repayment plan to "cure" the default over a period of time. All lenders will have programs and policies you can use to get your mortgage loan reinstated.
