from the date of the
Sheriff's Sale unless otherwise noted)
-
1 year redemption
when the property is the residence of the mortgagor and the
mortgagee is seeking deficiency judgment
-
180 day redemption
when the property is not the residence of the mortgagor and the
mortgagee is seeking deficiency judgment
-
6 month redemption
when the property is the residence of the mortgagor and the
mortgagee is not seeking deficiency judgment
-
90 day redemption
when the property is not the residence of the mortgagor and the
mortgagee is not seeking deficiency judgment
-
60 day redemption
when the property is not the residence of the mortgagor and has been
abandoned and may become subject to waste and neglect and the
mortgagor is not seeking deficiency judgment (this provision must be
specifically provided in the mortgage). Any answer or pleading filed
by the mortgagee negates mortgagee's claim of abandonment by the
mortgagor
-
REDUCED 60 day
redemption when the property was the residence of the mortgagor
at the commencement of foreclosure but is subsequently vacated and
there are junior creditors (regardless of whether or not a
deficiency judgment was obtained). The reduced redemption period
starts from the date of entry of a specific court Order reducing the
redemption period
-
REDUCED 30 day
redemption when the property was the residence of the mortgagor
at the commencement of foreclosure but is subsequently vacated and
there are no junior creditors (regardless of whether or not a
deficiency judgment was obtained). The reduced redemption period
starts from the date of entry of a specific court Order reducing the
redemption period
II. Judicial Foreclosure without
redemption (a delay of sale occurs in all instances where a demand
is filed by the mortgagor)
- 2 month delay of sale when the
property is not the residence of the mortgagor, regardless of
whether or not the mortgagee is seeking deficiency judgment
- 6 month delay of sale when the
property is the residence of the mortgagor and the mortgagee is not
seeking deficiency judgment
- 12 month delay of sale when
the property is the residence of the mortgagor and the mortgagee is
seeking deficiency judgment
III. Non-Judicial Foreclosure of
Non-Agricultural Property
No redemption when notice of
foreclosure (similar to Notice of Forfeiture) is given to the
mortgagor and junior lienholders. All parties have 30 days to file a
rejection of the proceeding, in which case a judicial foreclosure
route must be pursued. Conveyance of title is accomplished when the
proceeding is recorded
IV. Alternative Non-Judicial
Foreclosure of Non-Judicial Foreclosure of Non-Agricultural Property
No redemption when a voluntary
foreclosure proceeding is agreed upon by mortgagor and mortgagee
wherein Notice of foreclosure (similar to Notice of Forfeiture) is
given to the mortgagor and junior lienholders. After execution of the
Agreement, mortgagor has 30 days to exercise rights of redemption and
five days to rescind the transaction. Conveyance of title is
accomplished when the proceeding and a warranty deed from mortgagor to
mortgagee are recorded
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Notice
to Public
The determination of
the need for legal services and the choice of a lawyer are
extremely important decisions and should not be based solely
upon advertisements, certification, specialization or
self-proclaimed expertise. A description or indication of
limitation of practice does not mean that any agency or board
has certified such lawyers as specialist or expert in an
indicated field of law practice nor does it mean that such
lawyer is necessarily any more expert or competent than any
other lawyer. All potential clients are urged to make their own
independent investigation and evaluation of any lawyer being
considered. These disclosures are required by the Supreme Court
of Iowa. |