A sale may still be possible if the payoff or redemption amount can be paid in time. Iowa home mortgages are generally foreclosed through a court case, and the court's judgment leads to a sheriff's sale. Before suing, most lenders must give the owner of an occupied one- or two-family home a notice with 30 days to cure the default and tell the owner that counseling and mediation are available.
The sale must be posted and published, with the first publication at least four weeks before the sale. The deadline depends on the kind of foreclosure. Some cases allow the owner to redeem after the sale, generally for one year, with shorter periods in some cases. If the lender chooses foreclosure without redemption for nonagricultural property, there is no right to redeem after the sheriff's sale. A written demand may delay the sale under the court procedure. Have the title company or an attorney confirm the current deadline and amount needed.
If a foreclosure sale is scheduled, tell us the date right away so we can try to close before it.
Iowa Code chapter 654: foreclosure by action, cure notice, and special execution · §626.75: notice of sale · Iowa Code chapter 628: redemption periods · §654.20: foreclosure without redemption