Foreclosure Survival Guide: Keep Your House or Walk Away With Money In Your Pocket

Resources on Foreclosure, Credit & Debt, and Bankruptcy

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Iowa
Topic	State Rule
Common type of foreclosure process	Judicial Nonjudicial alternative is available if homeowner agrees to give up possession and lender agrees to waive any deficiency (essentially the same result as a deed in lieu of foreclosure—see Ch. 8).
Time to respond	Foreclosing party must mail notice of default and right to cure (reinstate) to homeowner at least 30 days before filing suit and must post and publish notice four weeks before filing suit.
Reinstatement of loan before sale	Available within 30 days after homeowner receives notice of default.
Redemption after sale	Judicial: allowed for one year. Homeowner may stay in the property during that year.
Special protections for foreclosures involving high-cost mortgages	None
Special state protections for service members	Iowa Code § 29A.102
Deficiency judgments	Allowed. If, however, the lender elects to file a foreclosure lawsuit and asks the court to disallow the statutory redemption period, then it also waives its right to sue for a deficiency.
Cash exempted in bankruptcy	$100 for one person, $200 for a married couple
Notice to leave after house is sold	New owner must file an eviction (forcible entry and detainer) lawsuit. The judge will order a hearing to be held no more than seven days later. Former owner must be personally served with notice not less than three days before the hearing. Iowa Code § 648.5
Foreclosure statutes	Iowa Code §§ 654.1 to 654.26

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