Legal Question in Consumer Law in Iowa
In our mortgage note, we have a right of redemption. The lender has foreclosed and in the suit we have no right of redemption. We are in Iowa. Can you give me code violation for contractual law?
Asked on 10/06/11, 6:41 am
1 Answer from Attorneys
Robert Luedeman
solo practitioner
If a lender pursues foreclosure without redemption that means they get possession sooner but have waived the right to go after you for the deficiency. If the property is your residence and you file a written demand for the delay of the sale , the sale will be delayed and in that time you may pay the amount claimed and the sale will not be held. On the other hand if the proceeds of the sale are insufficient to satisfy the judgment the creditor may go after you for the deficiency. See, Iowa code chapter 654.20-26.
Answered on 10/07/11, 5:45 am
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