Iowa Foreclosure Laws

According to the Iowa foreclosure law, they can be handled through the court or even settled outside the court. The normal processing time for a foreclosure to take place in Iowa can vary from 4-6 months.

Period of Pre-foreclosure

According to the Iowa foreclosure law, in a judicial procedure the foreclosures can take place with or without the borrower getting the redemption rights. Whether the borrower gets the redemption rights or not depends on how the foreclosure is pursued by the lender. A lender has the right to follow the foreclosure procedures non-judicially and the borrower can also volunteer or agree to a non-judicial proceeding in the state of Iowa.

The foreclosure process can start in the state of Iowa only after the lender issues a notice of non-payment of the mortgage or default payment to the borrower at least 30 days in advance. This written notice issued by the lender to the borrower contains information like the total amount due, and the payment date of the amount owed.

Under the Iowa foreclosure law, if the borrower is unable to pay the amount due within the specified time period then the lender has the right to start the process of foreclosure. After the pre-foreclosure period ends, the judiciary can pass a judgment in benefit of the lender to the borrower to pay the complete amount due. The court can also direct the lender to sell the foreclosed property so that the judgment can be satisfied. The normal period for sale is two months but the borrower also has the right to delay the sale of the property from 6 to 12 months.

Auction Notice

The county sheriff is responsible for the publication and distribution of the foreclosure sale notice. According to the Iowa foreclosure law, the sales notice has to be posted at a minimum of three places where the public can see it. It is the responsibility of the county sheriff to post the notice at the Iowa state courthouse. Apart from the postings, the notice has to be published in any of the local newspapers for once a week for two weeks. The notice needs to be published a minimum of four weeks prior to the foreclosure sale date. The borrower has to vacate the property during this period and if they still occupy the place then they will be served a notice of sale 20 days before the date of the sale.

It is the responsibility of the county sheriff to organize, manage and conduct the foreclosure auction, and it takes place between 9:00 a.m. and 4:00 p.m. The bids will be provided to the county sheriff in sealed envelopes with the required refundable payment. At the venue of the auction, the county sheriff will open each of the bids, read them and choose the winner.

The sale can also be postponed for three days or more but a new foreclosure sale notice will have to be announced publicly.

If you need more information about Iowa foreclosure laws, you should contact a foreclosure lawyer, or contact us so we can recommend one for you.

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