Iowa foreclosure

Iowa uses the mortgage as the security instrument. The Iowa foreclosure process is usually judicial. In a judicial foreclosure the lender files a lawsuit in the court system of the county where the property is located.

Once the lender files the lawsuit, the judge will usually give you, the borrower, some time to make up the back payments. If you don't make the payment within the allowed period of time then the judge will order that the property be sold.

The lender will need to post notice of this sale in 3 public places; one of those places has to be the courthouse. Also, there will have to be two publications of this notice in a newspaper in the county where the property is located. The first notice will have to appear 4 weeks before the sale. The second notice will have to appear some time before the sale.

The Illinois court system also allows you the borrower, to avoid the foreclosure process altogether by voluntarily conveying the property to the lender. You'd do this to avoid getting a deficiency judgment. A deficiency judgment is issued when the home is sold for less than is owed on it and the lender wants to get the difference back from you.

The foreclosure process usually takes about 5 months.



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